Why data privacy matters more than ever

With the theme of ‘Privacy Matters’ for 2023, the Council of Europe aims to nourish and promote a sense of responsibility by showing the significance of privacy for both people as well as companies. It is imperative that companies understand risks associated with data collection and usage so as to fend off any malicious activities that will be detrimental to data privacy.

This was further emphasised as the world observed Data Privacy Day on January 28. It was on April 26, 2006 that the Council of Europe came up with a Data Protection Day to be observed every year.

The digital world has in recent years witnessed immense growth in ways that amaze us all, necessitating the need for responsible utilisation of consumer data. It is a thin line, because at one level companies are in need of personal data which is required for ensuring the new-age customer’s need for personalisation. At the other level, it has to be done without compromising their need for privacy. Therefore, companies the world over are required to devise efficient data strategies and come up with privacy-first solutions for a privacy-safe future. 

Data privacy is gaining utmost importance. According to a survey conducted by MMA, in partnership with EY, among 170 CEOs and CMOs across various industries, 54% of Indian marketers leveraged consumer data for marketing activities, 56% felt their organisations had gaps in consumer data, leading to difficulties in data-driven decision-making.

While 73% relied on a blend of 1P and 3P data for marketing activities, 84% believed they had adequate policies and processes in place to safeguard consumer data.

The survey was conducted to gather insights on the current state of consumer data strategy within the marketing community.

According to the survey, 48% of consumers globally have reported being more cautious about privacy concerns, leading to a decrease in purchasing or using certain services. 31% of marketers keep an eye on conversions by using first-party data to measure campaigns. 36% of senior marketing leaders were able to show a level of privacy, security, and compliance maturity.