NewsDayTT posted an article on January 14, 2021, titled Data Protection in the Era of Global Change. Below are some key highlights.
- To survive and get back to business safely, many organisations in the Caribbean have begun to rapidly adopt services such as contactless payment, click-and-collect applications, e-commerce websites and enhanced customer relationship management as avenues to pivot their service delivery options.
- This use of new technology not only allows organisations to radically change and improve their operations and delivery of services to the customers, it also increases their exposure to data breaches, as safeguarding this new collection of personal data within these new technology environments becomes a complex task.
- The average cost of a single data breach will exceed US$150 million in that same period. However, that scattered, one-off approach to data protection may no longer be good enough. With the Caribbean this regulatory landscape is also changing. Attorney General Faris Al-Rawi noted that the act was being reviewed in keeping with developments in other jurisdictions.
- For organisations in the Caribbean, both large and small in an effort to survive and get back to business safely, many have begun to rapidly adopt services such as contactless payment, click-and-collect applications, e-commerce websites and enhanced customer relationship management as avenues to pivot their service delivery options.
- While consumers may be more accepting of the delayed delivery of an order or an extended service window considering the pandemic if it is discovered that their personal data has been compromised the consequences for organisations can be dire.
- Within the last year, several reports have indicated a significant increase in ransomware attacks when compared to previous years.
- Whether performing targeted marketing through mobile advertising, running a loyalty program, or using customer insights to drive product development, collecting data about customers is essential to future success.
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