From cpl.thalesgroup.com
Failing to keep up with data privacy legislations, such as General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA) can harm a brand’s bottom-line and public reputation. Not to mention the heavy financial penalties involved. Last year only, European data regulators issued a record €2.92 billion in fines, up 168% in 2021.
Because yes, there are risks involved with any compliance breach, but there are also real, value-driven benefits arising from becoming – and remaining – compliant with data privacy legislations. Let’s unpack this.
Keeping up with compliance: The struggles & solution for retailers
The retail landscape itself is also becoming more regulated. Globally operating eCommerce companies must comply with multiple data legislations, which is making it more difficult for retailers to stay on top of data privacy compliance.
The data protection standards you follow today may not be fully up to scratch tomorrow. In addition, the core wiring within data protection laws is expanding and becoming more complex as we speak. So how can retailers ensure always-on compliance?
Consumer Identity and Access Management (CIAM) is a central player in this narrative. By adopting a robust identity platform retailers can actively manage compliance and seamlessly integrate a privacy-by-design mindset into every user journey.