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Consumer Horizons 2019: Key Privacy and Data Protection Considerations in the Consumer Industry

The consumer industry is evolving at lightning speed, and the way consumer businesses operate is shifting. From issues in supply chain to the digitalization of the consumer experience, companies are rapidly changing to keep up with consumer demands.

In this year’s edition of Consumer Horizons, the Hogan Lovells global Consumer team identifies trends that will impact food and beverages companies, fashion and luxury goods producers, retailers, consumer electronics manufacturers, and other consumer businesses throughout 2019.

Access Consumer Horizons 2019 (registration required).

GDPR Preparedness by Numbers

Crownpeak commissioned Forrester late last year (September) to conduct a survey where they asked 263 data and compliance professionals from the US, UK, Germany, and France at organizations with 100+ employees what they’re doing to prepare for the new law.

Here’s an infographic that sums up the data: GDPR Preparedness by Numbers What the Data Says | Crownpeak

Deeper Dive: GDPR a Game-Changer for Data Breach Notification

When the EU General Data Protection Regulation (GDPR) took effect on May 25, 2018, it dramatically changed the way multinationals manage the reporting of personal data breaches.

It also substantially raised the stakes: Entities found to have violated the GDPR’s data security and breach reporting obligations could face much steeper regulatory fines than those available under U.S. laws.

Full article: Deeper Dive: GDPR a Game-Changer for Data Breach Notification

European Commission Releases Study on GDPR Data Protection Certification Mechanisms

European Commission has published a final report “Data Protection Certification Mechanisms: Study on Articles 42 and 43 of the Regulation
(EU) 2016/679”.

The overall aim of the study is to support the establishment of data protection certification mechanisms and of data protection seals and marks pursuant to Articles 42 and 43 GDPR.

More specific the purpose of the assignment is to: i) accompany the establishment of data protection certification mechanisms and of data protection seals and marks pursuant to Art. 42 and 43 GDPR and ii) collect all relevant information for the Commission in view of the possible implementation of Art. 43(8) GDPR on the requirements for the data protection certification mechanisms and of Article 43(9) GDPR on the technical standards for certification mechanisms and data protection seals and marks, and for mechanisms to promote and recognise those certification mechanisms, seals and marks.

Read report: Data Protection Certification Mechanisms: Study on Articles 42 and 43 of the Regulation (EU) 2016/679

GDPR has driven improved cyber resilience

The introduction of the General Data Protection Regulation (GDPR) has made more UK businesses more resilient to cyber risk, the UK government has said in its latest annual cybersecurity breach survey.

Survey was carried out in the final three months of 2018. The government asked 1,566 UK businesses if they had experienced cybersecurity breaches or attacks within the previous 12 months. In response, 32% of businesses said they had, down from the 43% that said they had experienced such incidents in last year’s survey.

Source: GDPR has driven improved cyber resilience, says UK government

Consumers worried about their privacy but don’t act

As recent PricewaterhouseCoopers report shows, 92% of consumers say they should be able to control the information about them on the internet and 71% say they’d stop doing business with a company for giving away their sensitive data without permission.

However, another study from IBM showed that less than half (45%) of consumers updated privacy settings. Moreover, only 16% stopped doing business with an impacted company, and only 18% deleted a social media account.

Source: The privacy paradox – Axios

Most customers would share more data for better deals from their insurer

Nearly 60% of customers say they would be willing to share significant personal information in return for lower prices and personalized offers.

However, 75% of consumers said they were very cautious about the privacy of their personal information. When asked what would make them leave their current bank or insurer, data breaches were consumers’ second-biggest concern behind increasing costs.

Source: Most customers would share more data for better deals from their insurer – report | Insurance Business

Users Crave Digital Privacy, But Aren’t Willing To Pay For It

Despite fears, 72% of consumers said they are not willing to pay social networks to ensure their personal information be protected. More (93%) believe companies and organizations should provide them with a degree of control over their personal information.

Source: Users Crave Digital Privacy, But Aren’t Willing To Pay For It 03/27/2019

61% of CIOs say employees are maliciously leaking data

A study of the root causes of insider breaches has found that 61% of IT leaders believe that employees have maliciously risked data in the last 12 months.

However, the research, which involved input from more than 250 US and UK IT leaders and 2,000 US and UK-based employees, found that employees had a very different view of the situation.

92% of employees said they had not accidentally leaked company data, while 91% said they had not done so intentionally. This suggests that employees may be unaware of being the perpetrators of insider breaches.

Source: Insider breaches: 61% of CIOs say employees are maliciously leaking data

China needs better data privacy policy to capture digital trade growth

If China doesn’t step up its efforts on issues such as data privacy and intellectual property protection, the country could miss out on a 37 trillion yuan ($5.5 trillion) growth opportunity in the decade ahead, according to analysis published Thursday by the Hinrich Foundation.

“To sustain China’s growth momentum into 2030 and beyond, China would need to hone competitive strategies beyond the low-cost advantage that has traditionally propelled its economic growth,” the report says.

Source: China needs better data privacy policy to capture digital trade growth

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