Killi Ltd.: Here’s How IT Leaders Can Adapt to Stricter Data Privacy Laws
New York, New York–(Newsfile Corp. – January 25, 2021) – Killi Ltd. (TSXV: MYID), (OTCQB: MYIDF) (“Killi”), a global leader in data and consumer privacy, is featured in Info week discussing the impact on the data industry landscape as privacy laws tighten.
Whether we are prepared or not, there will be a global shift toward strict data privacy rules in the coming year.
As the US moves past one of its most critical election cycles in years, data protection legislation is poised to take center stage in the coming year. This comes as many Americans have become increasingly concerned about transparency from big tech when it comes to their privacy and personal data.
In a recent survey conducted by PWC, 85% of global consumers wish there were more companies they could trust with their data. And now the pandemic has given rise to contact-tracing mobile applications, which despite helping keep people safe, also track consumer data persistently. This led to over 60% of Americans who were surveyed feeling that their privacy has been compromised due to COVID-19 location tracking.
It’s clear that consumers have become more aware of how their data is collected and used, and now they’re looking for answers from the government and the corporate world as to how they will be protected. A big amount of this responsibility falls on businesses and their IT teams, who will be tasked with making serious efforts to improve data security for customers, whether it was a part of their plans or not.
This is due to the fact that GDPR in Europe and now, California’s Privacy Rights Act have set the stage for a new era of privacy protection for consumers. Americans’ appetite for data privacy legislation has grown, and now business leaders must acknowledge these challenges by developing data solutions built around compliance and trust.
Big Tech falls under the congressional microscope
Data-reliant businesses like Apple and Facebook, which make billions of dollars annually off personal information, are keeping a close watch on the shifting privacy landscape. Google’s plans to eliminate third-party cookies from Chrome was a move towards ensuring consumer trust; and now many businesses and their IT teams are facing massive changes to their privacy and data collection practices. Google’s gesture is ironic seeing as the company is facing a $5B lawsuit after being accused of illegally invading the privacy of millions of users by continuously tracking internet usage through browsers set in “private” mode.
CPRA will set stricter privacy standards than ever before
Many CIOs and tech teams were initially afraid of the potential impact California’s initial CCPA would have on their businesses, especially considering the massive GDPR violations that have cost organizations upwards of $228M.
Businesses and their tech teams should expect to see a continued federal push from the Biden administration to implement nationalized standards for data protection. The movement is starting to take shape with the passing of California’s new CPRA law, which gives the power of consent to consumers around how businesses manage their data. This is a big win for consumers, as nearly every major data company in the financial market has holding operations in California. As a result, businesses will be held accountable to much stricter privacy regulations, causing IT teams to adhere to yet another set of potentially complicated compliance obligations.
As these regulations bring in a new era of transparency that is more customer-focused, secure, and profitable for all, businesses that rely on data should recognize that the paradigm around data has shifted for consumers. The comprehensive marketing and advertising ecosystem led us to believe that data is cheap, when in reality, it is extraordinarily valuable. The value of data will continue to rise in conjunction with consumer awareness, and as the world is more digitally connected, it will usher in a new era of data privacy and management. If CIOs and IT teams can further their understanding of how consumer data is misused, it will go a long way toward creating a more fair and open data exchange for their customers, and in positioning themselves as champions of fair and ethical practices.
Whether we are prepared or not, there will be a global shift toward strict data privacy rules. Data shows that 80% of Americans believe stricter data protection laws should be implemented to safeguard against big tech companies. The combination of international legislation, government pushback against companies like Google and Facebook, and increased consumer awareness will bring a much-needed fresh approach to how businesses conduct their data-driven customer outreach strategies in 2021.
This article was originally published in Information Week – please find it here. Commentary by Neil Sweeney, the founder and CEO of Killi, a consent management platform that allows consumers to control and monetize their digital identity. In May 2018, Neil launched Killi, the world’s first consumer-facing mobile application that allows consumers to opt-in and control their data and monetize it should they choose.
Killi is a consumer privacy ecosystem that allows consumers to take back control of their consumer data from those who have been collecting it and selling it unbeknownst to them. Killi is currently available online or via iOS or Android in five countries (US, Canada, Singapore, Australia, and New Zealand). Killi pays users automatically every week a cash Data DividendTM for the use of their data, making Killi the only company in the world that is fairly compensating users for the purchase of their data. Killi is also the creator of uaretheproduct.io, a consumer-facing website that allows consumers to determine their data’s value broken out by individual platform.
Download Killi here.
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Forward-Looking and Other Cautionary Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to, privacy laws continuing to tighten, consumers becoming increasingly aware of the value of their data, a push from the new US presidential administration to implement nationalized standards for data protection, significant disruption in the data and/or tech industry in 2021, businesses being held accountable to much stricter privacy regulations, the efficacy of proposed solutions to new privacy laws, that CPRA will set stricter privacy standards than has been seen in the past, and that the value of consumer data will continue to rise. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management. They are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: constantly changing privacy laws, uncertainty in the new US presidential administration, the impact of the Google’s plans to eliminate third-party cookies, whether or not companies and businesses will be held accountable to stricter data privacy regulations, the impact of CPRA on the data privacy industry, whether consumers’ appetite for data privacy legislation will continue to grow, the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, the Company does not intend and undertakes no obligation to update any forward-looking statements to reflect, in particular, new information or future events.
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