The governmental march focused on improving laws regarding data privacy continues to move forward with China passing a data protection law this week and Connecticut set to enact a law requiring much stricter data standards (as well as safeguards) to businesses collecting data.
“China Passes One of the World’s Strictest Data-Privacy Laws,” Wall Street Journal- August 20th, 2021
As online fraud, collection, and theft of data continues to grow, the Chinese government passed one of the strictest data privacy laws in the world this week. Among other things, the law will require companies (including government agencies) to minimize data collection and obtain proper consent for such collection. This law, the Personal Information Protection Law (PIPL) will go into effect on November 1st.
“Connecticut Enacts Cybersecurity Laws Aimed At Data Breaches,” Monday- August 19th, 2021
Connecticut is the latest state to join the data privacy fight, this time from the perspective of businesses. Businesses in Connecticut receive protection from punitive damages in tort lawsuits if proper cybersecurity protocols have been put in place. At the same time, requirements for businesses to report data privacy breaches have been strengthened and expanded. The law is set to be enacted by October 1st of this year.
Although Apple is beginning to lose advertising revenue as a result of its most recent privacy update, Apple remains unconcerned, standing firm in advocating for its privacy focused approach for its consumers. In addition, companies trying to improve their brand identity can take three specific steps to achieve this goal.
“Apple Privacy Update Creates A Digital Advertising Windfall For Amazon,” CPO Magazine August 18th, 2021
Apple, the bellwether big technology company in support of the data privacy movement, is starting to suffer reduced advertising spending as a result of Apple’s iOS 14 privacy update. Google, Facebook, and Amazon are benefiting from the shift of advertising dollars away from Apple with Amazon being the biggest winner. However, Apple believes it is more important to uphold a privacy focused user experience than worry about any advertising dollars they may be losing.
“Brand Identity Is More Important Than Ever. Here’s What Advertisers Should Focus On Now, According To The Latest Data,” Forbes- August 18th, 2021
In the rapidly changing data privacy world, research is proving that strong brand identity has become more important than ever. To succeed, businesses must improve their AI technology to produce better content, enhance their socially and environmentally friendly messaging rather than relying on celebrity influencers, and optimize the channels of direct communication with customers.