Data privacy is a huge cause for concern in the modern age. Facebook’s controversies perhaps exacerbate this in recent years. Many saw user data reportedly consumed and shared without consent in some cases. Social media, of course, is just as valid a events platform as any other.
However, following the Cambridge Analytica scandal, everyday people are warier than ever. The vast majority of Americans – 79% of adults – advise they worry about what happens to their information. Coupled with 59% of survey takers being unclear about how data is collected, we are in a concerning climate.
There is also a large wave of acceptance. That does not denote that people are necessarily happy that media platforms are collecting information. Instead, it suggests a willingness to ‘put up’ with data collation en masse. Around 62% of US adults believe modern life is impossible without companies holding their sensitive information.
This does not mean companies should grow complacent. Big data law such as the GDPR, in Europe, expect media & events firms to be clear and explicit on data policy. It is now commonplace for users to agree to cookie policies before accessing some platforms.
Proving data security, however, is still a challenge for some bodies. Data cleansing and explicit collation will help even the biggest of bodies keep information safe. Using a dedicated platform, they will be able to safeguard individual privacies. What’s more, in the event of an audit, they will be able to prove complete compliance.
In all industries, data leaks can be hugely detrimental. Not only does data leakage result in reputational damage, but it is also expensive.
A company that does not protect itself is at risk of adding to a worrying statistic. As of 2020, the average cost of breaches worldwide is $3.86 million.