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.