The Battle for Consumer Data
You probably have noticed some notifications on your mobile recently regarding "Tracking" and other sensitive information. Below there is an interesting extract from the 80 pages Report "Tech Trends for 2022" from cbinsights.com.
"Over the past 20 years, tech giants like Amazon, Facebook (aka Meta), Google, and Apple have amassed unfathomable amounts of user data.
At the same time, consumers have also become more skeptical of how their data is managed and increased their demand for control over its collection, storage, and use. For example, three days after the GDPR went into effect, NGO La Quadrature du Net filed a formal privacy complaint — on the behalf of 12,000 individual consumers — against Google, Apple, Facebook, Amazon, and Microsoft. This resulted in Amazon getting slapped with an $887M fine in July 2021 — the largest GDPR penalty administered to date. Action taken by regulators and consumers has not been without consequence. Rising executive interest in privacy and compliance management reveals that the protection of consumer data has increasingly become a priority for businesses across all industries.
These rising regulatory, consumer, and startup pressures have elevated the profile and importance of consumer privacy over the past few years, compelling big tech companies to move in two different directions.
Some have moved in step with these pressures. For example:
? Google announced that it aims to phase out third-party cookies and launch a Privacy Sandbox by 2023 in order to enable personalized ad delivery while protecting user privacy.
? In April 2021, Apple launched its App Tracking Transparency feature via its iOS 14.5 update, allowing users to disable ad tracking for certain apps. This update has forced developers to not only allow users to opt out of tracking — which has been possible in the past — but also to explicitly provide users with the choice in a pop-up prompt before the app is even used.?
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Other big tech companies, like Facebook, have moved against the tide, drawing investigative scrutiny and penalties over privacy scandals. In July 2019, the company received a $5B fine from the FTC for violating consumer privacy rules — the largest placed on any company by any regulatory organization in history. Additionally, Facebook CEO Mark Zuckerberg has denounced Apple’s iOS 14.5 privacy update as well as Tim Cook’s post
Cambridge Analytica suggestion that the social media company stop collecting user data outside of its main apps.?
Until now, it has been possible for organizations that rely heavily on consumer data to largely remain neutral on the matter. However, consumer privacy awareness is at an all-time high and regulatory pressure is only set to increase as a deluge of more stringent privacy legislation comes into effect this year. Together, these forces will necessitate that consumer data-dependent organizations — big and small — adjust their strategies and prioritize consumer privacy as we head into 2022. One of the most immediate effects of this shift will be an acceleration in the abandonment of third-party data collection, as this sits at the core of both Apple’s iOS update and Google’s move to phase out cookies. The advertising and marketing industry, already battered and beholden to big tech, stands to potentially lose the most, but any B2B or B2C company that relies heavily on third-party targeting to advertise is going to need to adjust dramatically at the risk of facing massive losses. Publishers that don’t take mitigative measures stand to lose 50%+ of their total ad revenue, according to Google."
Source:cbinsights.com
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