Eight Things Business Leaders Should Know About Changing Consumer Privacy Regulations

As technology advances, companies collect more data, and the trust consumers once had in those companies fades, new consumer privacy laws come into effect, constantly changing the way businesses learn about their customers and sell to their customers. Such laws would put customers back in the driver's seat, giving them control over what data they want to share and when.

But even then, one of every business leader's responsibilities is to protect their customers' data and privacy, which means they need to pay attention to these changing laws to best protect their customers. data it has. Here, eight members of the Young Entrepreneur Council share key points every business leader should know about changing consumer privacy regulations and why it's so important to understand them.

1. New laws will close existing loopholes

New federal privacy laws are on the horizon with the US Data Protection and Privacy Act. This change will simplify compliance and close many existing loopholes used by companies to avoid adhering to national privacy laws. With a new normal, companies will need to improve their first-party data to fill the gaps without third-party data to maintain engaging customer relationships. - Kevin Marcus, Versium Analytics, Inc.

2. Staying up to date is vital

In light of recent scandals and data breaches, lawmakers and regulators are taking a closer look at how companies collect and use data and are beginning to impose stricter rules and penalties. Founders need to be aware of the changing landscape and ensure their businesses comply with the latest consumer privacy regulations. Failure to do so could result in hefty fines. - Kelly Richardson, Infobrandz

3. Digital advertising will be driven by AI

Digital advertising will continue to be less targeted and more AI driven. As CEO of digital marketing, I've seen the past few years be horrendous in terms of our ability to effectively target campaigns for our clients. Gone are the days of targeting certain interests and demographics on Facebook; in its place is artificial intelligence. You will need to take advantage of four to six well-designed advertising content and ad variations to compete effectively. -Kristopher Brian Jones, LSEO.com

4. Regular audits can help ensure compliance

The ever-changing consumer privacy regulations can be daunting for founders, but it's important to keep up to date with the latest developments. One way to manage this is to audit your policies and practices regularly, at least once a year. This will help you ensure that you comply with the latest regulations. -