In a society where 33% of consumers have cancelled a transaction online because of privacy concerns, we are starting to see the effects and consequent shift in the way people think about their data. Introducing the highly popularized General Data Protection Regulation (GDPR).
As we approach the coming of force of GDPR, businesses will be bracing themselves for the impact. GDPR is a culmination of four years of efforts to update data protection regulation for the 21st century, to protect people who regularly grant permission to firms like Amazon
Yet we only need to turn on the news to be warned about the dangers of these vast permissions, exemplified recently by the ongoing Cambridge Analytica scandal, where it’s reported that 50 million Facebook profiles were harvested to influence the 2016 US election.
What Does It All Mean for Consumers?
It will hold more companies accountable and compliant to individuals allowing for greater transparency and trust, thus, transforming individual’s rights around data. After May 25th, people will have the right to access their data and be able to rectify it as well as have the right to be forgotten, giving people the power to erase their data.