The January 1st deadline for compliance with the much-discussed California Consumer Privacy Act (CCPA) has now come and gone. Experts say that this newest regulation is another large step toward more widespread consumer privacy legislation on the horizon. How can companies keep up? In market research, we deal with a large amount of consumer information, so it stands to reason that we must lead the way - on some level - in privacy protection.
Our CMO Paul Neto writes about the implications of the CCPA, why it's important and what it means for the market research industry in his latest article for Quirks. The piece, called "Paying attention to consumer privacy regulations in 2020", takes a look at the future of consumer privacy regulations, and the role cryptographic techniques may have when it comes to compliance.
He maintains that "market researchers can actually do their jobs without direct access to unencrypted data or drawing from a central database that contains consumer’s private information." There are several ways to approach this new reality, two of which he covers in the article:
- Practice data minimalism, refrain from storing large centralized hordes of data, and instead provide users the ability to store their data on-device or on-the-edge.
- Utilize advanced cryptographic techniques (like blockchain) to ensure every transaction is under the control of and initiated by the user.
He concludes the piece by writing: "Blockchain can provide a foundation for responsible data acquisition, quality and usage. As market researchers, we are on the front lines of compliance with consumer data protection regulations. California’s new act marks what many believe will be a snowball effect, as more states and nations begin to take a closer look on how consumer data is being used, protected and stored."
You can find the complete article here: https://www.quirks.com/articles/paying-attention-to-consumer-privacy-regulations-in-2020