IBM’s Cost of Data Breach report, which was conducted in partnership with the Ponemon Institute, warns that data breach costs have increased by 10% in recent years while the speed of discovering breaches has decreased. On average, they say based on interviews with 3,200 individuals involved in data breaches, it takes 280 days to mend a breach.
Not only does this mean lost revenue, but also a loss of customer trust and damage to a company’s reputation.
It’s become a cliché to say that loss of third party data makes first party data more important. This IAB study supports the notion, finding that spend on data management, including CDPs, grew 9.8% in 2019 to reach $5.5 billion while spend on third party data grew only 6.1% to reach $11.9 billion. Both are down in 2020 due to the pandemic, which has also replaced privacy regulation as marketers’ top concern.
How does working from home during COVID-19 impact data privacy? Cillian Kieran, CEO of Ethyca, the data privacy company which last month received $13.5m Series A funding, said in this interview on France 24: It’s been a huge transition and companies are “using a lot of new tools that accumulate personal information. Systems must be protected appropriately, and data must be retrievable and erasable and auditable.”
Remember the good old days, when lying was considered unacceptable? The folks at Iron Tribe Fitness, a South Carolina gym, are holding Meta to that forgotten standard in a class action suit alleging that Facebook overcharged advertisers as much as $4 billion by using one type of auction bidding process while claiming to use another. Meta blames the error on a “software glitch” that began in 2013 and continued for at least four years.