Is Your Company Compliant with California’s Strict Privacy Regulations?
California’s strict new data privacy standards are now in full swing, and a lack of compliance can cost your company in more than just dollars.
Data is one of the most important assets that an organization has, and it can provide a significant competitive advantage for anyone who can accurately and securely leverage that information. Customer experience is at the top of many corporations’ “must list”, and it requires terabytes of detailed data and complex applied analysis to ensure that you are making the right decisions that will drive customer engagement. With better access to and a deeper understanding of customer data, enterprises are able to curate more powerful interactions that will amplify the customer experience. With this renewed focus on the importance of data, maintaining a high degree of privacy and availability becomes a primary directive for California organizations. According to Rob Tarkoff, EVP of Oracle CX and Oracle Data Cloud, “Sales cannot excel without a full understanding of their customer – that means data. Over the next year, businesses will double down on leveraging machine learning and AI to deliver personalized CX.” Is your corporation ready to harness the power of customer data safely and in full compliance with all applicable privacy laws?
Leveraging Data to Understand Audience Patterns
While capturing an overabundance of data can be a risk that your business will not want to assume, capturing meaningful data is what helps brands build an engaging ecosystem that will encourage prospects to make a purchase and current customers to deepen their relationship with your brand. Gaining these deep insights doesn’t come easy, however: it requires that data is not only captured and securely stored but also accessible to the correct systems and approved employees who are able to leverage that information to understand audience patterns and help drive buying behaviors.
Creating a unified customer profile often requires stitching together multiple disparate systems to create a “single source of truth” that pulls together all of the most relevant components of a customer’s profile. This is often stored in a CRM solution or in a centralized customer database — or perhaps pulled together in a data warehouse or data lake to provide a more cohesive view of customer interactions with your brand. When you consider that there are more than 4 petabytes of data created every day by Facebook alone, it’s clear that this data overload is not going away anytime soon. That means defining a secure and consistent method for handling customer and transactional data is a must for the modern corporation.
Similarities Between CCPA and GDPR
“Wait — we just went through a major overhaul of our data structures to become GDPR-compliant for our European clients. Doesn’t that mean we’re all set for CCPA compliance?” Unfortunately not, as many organizations are finding out the hard way. The penalties for non-compliance can be quite severe, ranging from $2,500 up to $7,500 per incident depending on whether the breach is considered intentional or non-intentional. Plus, individuals are able to bring suits against an organization based on the perceived loss of their personal information due to a breach.
This is where the law gets extremely dicey, meaning there are significant benefits to ensuring that your organization is fully compliant with CCPA. GDPR is slightly different in that individual countries within the EU are able to adopt GDPR — and then expand the requirements based on their unique needs. CCPA deepens the privacy standards beyond standard purchase history and identifying information protected by GDPR to also shield items such as personal social media usage, IP addresses and household information.
Finding the most knowledgeable partner for your Salinas or Monterey corporation may seem overwhelming, but the professionals at DeVeera are ready to help. We specialize in helping organizations implement complex data solutions, adhering to all relevant standards such as the California Consumer Privacy Act, GDPR (Europe’s General Data Protection Regulation) and more. Our team is well-versed in these standards and is able to come alongside to ensure that your enterprise has the solutions and services required to stay compliant while providing a truly connected experience for your customers. Contact the DeVeera team at 831-200-1434 or schedule a call online anytime for your complimentary initial consultation.