Data monetisation has grown manifolds in the past decade. It has helped businesses flourish and allowed consumers to enjoy tailored experiences. However, the unregulated use of data and the infringement on individuals’ privacy rights triggered a backlash, and regulators are now introducing strict consent requirements. In this article, we take a look at the best practices that can help you stay compliant.
The most important of these new laws is the European Union’s (EU) General Data Protection Regulation (GDPR), as many other jurisdictions use it as a blueprint. GDPR empowers users to govern how businesses can use their data, and it significantly raised the bar for data privacy laws worldwide. Penalties are harsh and enforcement is firm, so businesses are now setting up dedicated mechanisms to establish compliance.