19 December2021THIRD-PARTY RISK ASSESSMENTWhile working with a third-party vendor, an organization cannot afford to take any chances when it comes to protecting valuable consumer data. Third-party risk assessment helps the organizations to gauge the level of risks associated with a third-party vendor providing them products or services. Assessing outsourced third parties will help the organizations to determine specific areas of risk that need to be monitored thoroughly for implementing additional controls and mitigate the risks.DATA PRIVACY LAWSOver 70 percent of countries have data privacy laws in place or are drafting new laws for the same. The primary goal of data privacy laws is to ensure the protection of collected consumer's data and any agency that violates these laws are liable for a hefty fine. For marketers, the challenge with data privacy laws is using the retrieved data responsibly and ensuring unauthorized parties do no access it. Therefore, good digital marketers must put certain measures in place to avoid unnecessary liability such as creating a page for security policy, informing customers on how their data will be utilized, and complying with customer requests to access their data or requests for not using it. These new regulations have created an opportunity for B2B marketers to bring life into practices that would lead to impactful engagements with the users. For a more proactive approach to compliance, the companies must have a high degree of communication and coordination within the ecosystem.COMPLIANCE PROGRAMSCompliance programs are designed to ensure that the marketing, advertising, or sales content follows the set rules and standards to protect the consumer from false claims and abuse of data. Businesses need to follow national and international guidelines while sharing product specifications in their marketing collaterals that are truthful and evidence-based. Also, they need to share appropriate warnings on physical products to ensure customer safety and protect themselves from a legal perspective. Besides, the marketers must understand that if any user does not want to accept cookies while visiting their website then they are not someone who would be interesting in buying their offered products or services so compliance is instrumental not only from a legal perspective but also from a business standpoint.The brands that put consumer data privacy at priority are reciprocated with consumer trust, higher purchase intent, and brand favorability. The future of advertising would depend on the responsible use of data therefore the marketers should follow an ethical approach while requesting personal information from the user. Educating and empowering consumers by helping them to make informed decisions can help the brand to target their audiences in a more significant manner and enjoy the benefits. WHILE WORKING WITH A THIRD-PARTY VENDOR, AN ORGANIZATION CANNOT AFFORD TO TAKE ANY CHANCES WHEN IT COMES TO PROTECTING VALUABLE CONSUMER DATA
< Page 9 | Page 11 >