The global community continues to experience a growing number of cyber threats impacting industries from tourism to retail. As technology advances, so do the complex methods utilized by hackers. If 2018 has taught companies anything, it is that their data is one of their most valuable assets.
Data breaches not only have negative long-term impacts on consumers and their privacy, but also on the companies involved.
The Marriott International scandal that exposed up to half a billion guests is now facing a class action suit and shares have fallen 5.6%. Who can forget the Facebook data breach that turned the company upside down, with over 80 million accounts compromised? And what about the UnderArmour scandal, when the breach of over 150 million led to a media frenzy and a 3.8% price drop in shares?
Without compromising the growth of the digital economy, companies are increasingly advocating for the protection of consumers to avoid harmful data breaches.
Yesterday, the Washington Post reported that a coalition of over 200 retailers, banks and technology companies is releasing new recommendations for national privacy legislation that calls on the United States government to adopt a national privacy law that would apply the same data collection requirements to all companies.
“We see a real need to both protect consumers at a time when digital services and the digital economy is so important and expanding, and at the same time, making sure we’re advancing global competitiveness,” said Julie Sweet, chief executive of Accenture North America.
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