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.”
The U.S. Senate has passed a bill that could potentially ban TikTok in the U.S. if its Chinese owner, ByteDance, does not sell its holdings within a year. The bill now goes to the President Biden, who has said he will sign it. Court challenges are likely to follow.