How LoginRadius Future-Proofs Consumer Data Privacy and Security

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How You Can Future-Proof Consumer Data Privacy
and Security with LoginRadius
Authenticity, accountability, and excellent
customer experience are the building blocks that
sustain customer loyalty in the long run.
Businesses need to be vocal about how
responsible they are when it comes to consumer
data privacy and security. Needless-to-say,
brands that put consumers in charge of how their
data is collected and used can reduce customer
churn by a considerable margin.
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Following the popularity of the EUs General Data
Protection Regulation (GDPR) that went live in
May 2018, other countries worldwide have been
catching up and taking action. 2020 started in
the right direction with the California Consumer
Privacy Act (CCPA). This year we should expect
even more stringent legislation concerning data
protection rights for consumers. Next in line is
the privacy law of Maine, which is scheduled to
come into force in July 2020. The legislation
would mandate broadband internet service
providers (ISPs) to receive explicit, affirmative
consent from a customer before accessing their
personal data, including their browsing
history. A question arises.
Latest Data Privacy Inclusions Key Points About
Consumers

• There is a common belief among consumers that
  todays data protection is more complicated than
  it was in the past. Here are a few statistics
  that highlight the statement.
• 84 of Cisco Consumer Privacy Survey respondents
  showed that they care about the privacy of their
  data, as well as other users data, and
• want more control over how their data is being
  used. 80 of this group also said they were
  willing to act to protect it.

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• 48 of consumer data privacy respondents
  suggested that they had already changed
  organizations or providers because of their data
  policies or data sharing activities, in the same
  report.
• According to the Pew Research Center, 79 of
  respondents said they are very or somewhat
  worried about how companies use the data they
  collect. In contrast, 64 percent said they have
  the same degree of concern about the collection
  of government data.
• A ground-breaking reality is that today consumers
  trust companies far less than they used to in
  the past. 79 of Americans are not sure how
  companies will respond when it comes to handling
  and protecting their personal information.
• 81 of respondents feel they have no control over
  the collected data in some report.
• Approximately seven-in-ten or more say they are
  either not too confident or not at all that
  companies will take responsibility when their
  data is compromised or misused, states the Pew
  Research Center.

Data Privacy Pain Points of Consumers
This goes without saying that consumer data
privacy is broadly transforming businesses
today, and it is the responsibility of companies
to manage the information they collect. Consumers
are becoming more and more conscious about what
kinds of data they share and with whom. Stakes
are high for companies that handle data. Even
consumers who arent directly affected pay
attention to the way such companies respond to
the data breach. They are majorly concerned
about the following pain points.
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Misuse of sensitive data
Data breaches have a greater reputational and
financial consequence when sensitive personal
data is involved. This contains information
relating to political opinion, ethnic or racial
origin, religious beliefs, genetic data, and
biometric data. Misuse of sensitive data can
cause far more harm than the names, addresses,
and financial information.
Trading of personal data
The controversial corner of the web, called the
dark web, is widely known for trading stolen
data, which can only be accessed via specific
browsers. Hackers may be searching simply for a
way into the networks of customers. They can
attack computers/phones by imitating popular
brands and stealing personal information without
people even realizing it!
Data breach due to human error
There is a well-documented history of human
error, causing data breaches. Sadly, it is often
people who allow access to encrypted channels and
sensitive information for attackers. An attacker
can undoubtedly take advantage of zero-day
vulnerabilities to break into a network, but in
most cases, their performance requires
capitalizing human error.
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Impact of Consumer Data Privacy on Businesses
According to Verizons 2019 Data Breach
Investigations Report (DBIR), 21 of breaches
were a result of casual events like misdelivery,
loss, and other kinds of human-initiated errors.

• Today, consumers are more mindful of the effect
  data privacy has on their personal lives than
  ever before. But how do companies respond to this
  change in consumer thinking and more
  relevantly, how does it impact the way they do
  business?
• New consumer data privacy regulations have been
  affecting every aspect of a business.
  Organizations must manage consumer interactions
  with privacy demands, develop new organizational
  positions to manage regulatory
• interactions, and educate employees on the
  current regulations.
• In general, consumer data privacy laws have three
  different impacts on every organization.
• Operational Impact What are the new ways to
  conduct business to comply with new privacy
  laws?
• Technology Impact What are the new capabilities
  to enable compliance and minimize risk to
  reputation?
• Organizational Impact Are there any new roles
  that need to be created to enable data privacy?

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The laws regulating data privacy are in the
preliminary stages, with more revisions and
iterations to come. The new compliance
requirements offer organizations the opportunity
to evaluate other data opportunities and build
more robust data management strategies.
Impact of Data Privacy on Consumers

• Consumers are starting to realize that data is
  the currency that allows free or near-free
  services, and they are carefully thinking about
  the drawbacks of sharing personal data.
• Data regulations like GDPR and CCPA surfaced and
  were enacted because companies were not as
  cautious as they needed to be when it came to
  consumer data security.
• Heres how data regulations are leveling-up their
  customer experience game
• Trust and transparency When consumers understand
  the specifics of who, what, where, when, and why
  data collection strategies, its much simpler to
  have them on board and create the trust for brand
  loyalty.
• First-party relationships Consumers are the
  gatekeepers at this stage in the evolution of
  marketing. It takes transparency, strong tactics,
  and
• reliable marketing tools for brands to obtain
  customer consent.
• Data review rights Speaking of more vibrant and
  more dynamic customer experience, brands are
  inclining towards implementing data privacy
  improving the consumer relationship through the
  purchasers journey on multiple levels.

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List of Popular Data Privacy Laws and Acts
Around the World
Consumers have the authority to set a brand apart
from its competitors. So, when they see that
efforts are made to keep their personal
information safe and secure, they appreciate it.
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• The European Unions Data Privacy Laws
• GDPR 2018 A regulation requiring companies to
  protect EU citizens personal data and privacy
  for transactions conducted within the EU member
  states.
• The US Data Privacy Laws
• COPAA 2000 A regulation imposing requirements on
  website operators or online services that
  collected childrens personal data under the age
  of 13.
• CCPA 2020 A law allowing users to request a copy
  of their data, delete it when they no longer
  want companies to have it, and mandate that
  companies do not sell their data to third
  parties.
• US Privacy Act of 1974 A law imposing
  restrictions on data held by government
  agencies.
• Data Privacy in Healthcare
• HIPAA 1996 A law protecting patients sensitive
  healthcare information from being disclosed
  without consent.
• Data Privacy for Financial Institutions
• GLBA 1999 A law protecting financial nonpublic
  personal information and requiring financial
  institutions to explain how they share personal
  information of customers.

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• Other Data Privacy Laws
• Privacy rule 2000 A law fortifying HIPPA and
  protecting the private healthcare information of
  the public.
• SOX 2002 A law protecting individuals from
  unconstitutional practices by corporations.
• FISMA 2002 A comprehensive framework protecting
  government data, operations and assets from
  unlawful use
• ISO 27001 2013 A regulatory framework imposing
  security on any kind of digital information.

Proactive Steps for Companies to Prevent Privacy
Hack
Cyber-attacks have become a harsh reality for
virtually every consumer and organization today.
It doesnt matter anymore who the victim is, or
what is the size of the organization that has
fallen prey, the looming threat metrics about
hackers intention to steal data is real. What
actions can companies take to prevent hackers and
protect consumer assets?
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Take data mapping seriously
Companies need to know what customer data they
need to get the job done. Because it so happens
that companies do not use the data they collect
from customers not for analytics or even to
address any future need. It is only reasonable
for companies not to collect any unnecessary
data. No wonder, a lot of companies are
considering re-writing their security policies.
Timely risk assessment
Stay up-to-date on new risks and vulnerabilities
in the data storage environment. Carry out
regular assessments of all the significant
aspects of the workplace environment from
remote access for employees to data storage to
security policies. Make sure all procedures are
adequate and current.
Periodic data security training
Train your team according to industry-approved
security practices. Make them understand how
crucial is consumer data privacy and security to
your business and what necessary steps can
prevent breaches. Conduct periodical awareness
training for the entire organization instead of
confining to a particular group.
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Invest in data compliance
As we move into the fourth industrial age,
investing in consumer data privacy and
compliance has become a top business priority. It
is high time, organizations understand the value
of data itself. This is where regulations like
the GDPR and CCPA comes into play.
How LoginRadius Keeps Your Customer Data Private
and Secure
One crucial aspect of an organization is the
protection of the confidentiality and integrity
of consumer data. LoginRadius provides layered
security by limiting and monitoring access to
consumers data. The platform offers seamless
security with features like data management and
real-time fraud
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• analysis to improve customer experience and
  detect fraud attempts at the entrance.
• The CIAM solution ensures that fewer employees
  can access customer data and handle it. This
  further reduces the chance of accidental data
  leaks and secures consumer data privacy. Some of
  the global standards it adheres to
• include the GDPR in the EU and the CCPA in
  California.
• The LoginRadius is an identity management system
  that continues to support global regulatory
  compliance in the fight against data breaches,
  which are essential for delivering zero friction
  customer experience. A few of the common ones
  include
• PCI DSSPCI SSC administered standard for payment
  transactions.
• ISO 270012013 Information security management
  system.
• ISO 270172015 Information security for cloud
  services.
• ISO/IEC 270182019 PII Protection.
• US Privacy Shield Complaint resolution for EEA
  citizens.
• NIST Cybersecurity Framework Standardized
  security framework to manage and reduce
  cybersecurity risk.
• ISAE 3000 International attestation standard
  for assurance over non-financial information.
• AICPA SOC 2 (Type II) System-level controls for
  Trust Services Criteria security,
  availability, process integrity, confidentiality,
  and privacy.

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Conclusion
Your consumer data privacy and security plan
should comply with the rapid development of
technology and the increasing cyber-attacks.
Consider investing in compliance with the latest
regulations to future-proof your consumer data
protection plan.