Data privacy and privacy laws
There is a growing trend in the business community to collect data and then use it for trends, reporting, forecasts, and various other things. But with the growing data collection, consumers have also become wary of how their data is stored and used and for how long. A growing number of well-established companies have also been hit by bad actors that have hacked into systems and stolen millions of consumer records, putting them at risk, including the Yahoo data breach a few years ago, which resulted in a whopping 3 billion user accounts being compromised.
Governments around the world have been enacting legislation and enforcing them to ensure consumer data is protected with an expectation for the transparency of this data. These regulations significantly impact how businesses can collect, store, and handle consumers' personal information. This legislation is intended to provide transparency of how consumer data is used but also legal recourse for...