Some 33% of US online adults have canceled a transaction due to privacy concerns. As consumers’ interest in privacy continues to grow, Forrester predicts that it will be a key factor that determines which businesses thrive and fail over the next 12 months.

Other key privacy predictions for 2016 include:

  • The EU will approve the new EU General Data Protection Regulation (GDPR) in early 2016, which would make companies in serious violation of the law liable for up to 5% of global revenues. As a result, businesses will spend heavily on lawyers and consultants while navigating the new regulatory landscape.
  • Mobile wallet adoption will break traditional customer data collection practices, and tiered service models for privacy-conscious consumers will emerge. Because of this, firms will need to allow security leaders to play more prominent role in development to recommend technologies to enforce consumer privacy preferences.
  • The ad-blocking movement is going to become a privacy battleground. As more consumers take control of their online media experience using these tools, they will break advertisers’ and publishers’ data collection practices, leading to better privacy.

Visit the Security & Risk blog to learn more about Forrester’s 2016 privacy predictions.