Consumer Privacy and Data Protection

SERIES A – Emphasis on Consumer Privacy and Data Protection

For most of its existence, the data economy was structured around a “Digital Curtain”. With the increase of cyberattacks especially with the online transaction volumes, digital payments and greater push of online banking increasing, 2023 will turn out to be a priority for taking adequate measures on data and privacy protection for consumers. Concerns over how consumer data is collected and used by social media platforms and websites. Leading retailers, financial institutions and governments are working closely to have a federal approach to data privacy legislation designed to protect consumers, set customer expectations, and provide clear guidelines for individuals, businesses, and governments. In response to these threats, governments are stepping up and creating laws, such as the ?Personal?Data Protection Bill?(DPB) in India and General Data Protection Regulation (EU-GDPR) for EU countries to protect consumer privacy. A convergence of consumer, government, and market forces ensure that the consumers are in greater control over the data they generate. Instead of serving as a resource that can be freely harvested, countries in every region of the world have begun to treat personal data as an asset owned by individuals and held in trust by firms.

Retailers Use Consumer?Data to Benefit Customers

Retailers utilize customer data to administer loyalty programs and provide other consumer benefits that must be considered in the national conversation on privacy. Maintaining strong customer relationships and trust and explaining in simple terms how their data is being used and what’s in it for them. Retailers need to be prepared to accept the responsibility of new privacy requirements to create a national framework that applies to all parts of the data ecosystem, inspire consumer confidence, and recognize the important relationship retailers build with their customers.

Retailers Support a Pragmatic Approach to Privacy?

Retailers’ guiding principle on consumer privacy is that data should be used responsibly to benefit customers. A privacy framework needs to be in place by policymakers considering the practical impact it will have on consumers and organizations.

5 CRITICAL ELEMENTS?TO?A PRAGMATIC AND WORKABLE APPROACH TO DATA PRIVACY AT SCALE:?

Consumer Control on data: Customers should have reasonable control to access, correct, and deletion rights of their personal information.?

National Privacy Framework: A sound privacy policy framework must be national /coherent in scope rather than a patchwork of multiple independent laws. Strong, clear preemption of state laws is necessary to set clear expectations for all consumers nationwide and reduce state-level compliance burdens on interstate commerce.?

Strong and Fair Data Law Enforcements: Retailers support fair, consistent, and equitable enforcement of privacy laws by the country’s Trade Commission and data protection acts.

Accountability for All Ecosystem Parties: Every sector within the data ecosystem should have a duty to its consumers, ensuring uniform responsibilities for businesses and ensure accountability across all industry sectors.

Risk-based Practical Scope: A risk-based approach to privacy is essential and critical and needs to be precise, targeted definitions of personal information clearly linked to areas where there is a real risk of tangible harm to the consumers, or any parties involved.