Companies found in violation of GDPR can suffer damages between 2% of their annual turnover or €10 million, whichever is higher.
Violating CCPA can set a company back by $2500 - $7500. 58% of Americans wouldn’t engage with a business with little to no regard for consumer data protection, according to a RSA study. To avoid losing customers and paying huge penalties, companies should prioritise compliance with data privacy laws and regulations.
Audit the ad server, third-party vendors, SSPs and DMPS to identify risks regarding data breaches and ad frauds. Marketers should also analyse historical instances of data breaches, audit the website for vulnerabilities and conduct a thorough Privacy Impact Assessment (PIA).
Brands should implement a privacy framework and map their customer data. Further, use a consent management platform, a customer data platform and stay updated with any changes to privacy laws.
[11 minute read]