Conducting a risk assessment of data practices helps brands take right decisions and mitigate risks of exposure.
With brands transitioning towards operating online amid COVID-19, they should update consumers on the new ways they collect, process, store, and protect consumer’s personal information. Updating privacy policies and ensuring third-party data collection tools are compliant with regulations can protect brands from lawsuits.
However, transitioning to virtual experiences could risk privacy breach for businesses, leading to reputational damages and fines. Companies must consult with online data privacy practices and regulations to formulate policies according to their customers' region and regulatory bodies they come under.
To effectively update and audit data and privacy guidelines, work with trusted third-party vendors to review current privacy rules. Brands should create clear and simple privacy rules to ensure they are understandable to everyone who reads it.
[9 minute read]