With the spike in stringent privacy regulations, it has become crucial for brands to ensure appropriate data security measures are in place. A tool like Vendor Trace is completely novel in this landscape and can be hugely beneficial for marketers to stay on track with privacy standards.
Simplify the fix with a partner:
Earlier, it had been gruelling for brands and marketers to communicate to vendors that their source was the reason for the privacy violations. But since vendor trace provides a clear flowchart of how vendors respect the user’s choices, it can possibly become simple and easy for brands to isolate the sources that violate the privacy regulations.
For instance, if a user on the website chooses not to sell their personal information, the vendor will get triggered. And, using the flowchart, the brand can see both the users’ and vendors' responses. As a result, brands can utilize the flowchart as evidence for vendors if any privacy violations happen midway. This way, the new tool can simplify the fix for marketers and brands.
Maintain brand image:
Be it bigger or smaller brands, it is important to keep an eye on vendors' behavior on their websites to prevent sensitive information from being misused or stolen. Otherwise, it may cause distrust among their audiences.
Let's presume one of the website visitors shares personal information with the brand. And the brand promises to use that information only for promoting their products. But if a customer is bombarded by various ads, marketing calls, and so on, it will outright make them less motivated to visit the website. Now, a tool like vendor trace can help brands protect themselves from these vulnerabilities by keeping the vendors’ activity trackable and making the path secure for users.
Stay protected from the expensive consequences of privacy violations:
With privacy violations comes a significant monetary penalty in addition to reputational harm. The penalty amount varies depending on the act.
California Consumer Privacy Act (CCPA) violations can result in civil penalties of up to $7,500 per violation. To emphasize the booming number of data breaches and non-compliance around data security, GDPR has recently spiked its penalty amount. To put it straight, serious violations of GDPR can even go up to 20 million euros.
It is indeed becoming challenging for brands to survive successfully in this privacy-centric world. As the Sourcepoint’s novel solution brings transparency to this space, brands can easily avoid becoming embroiled in legal controversies and stay protected from expensive consequences.
Simply put, we believe vendor trace can be a game-changing tool for brands. It can ease the daunting process of navigating the privacy regulations by streamlining the pathway to abide by stringent privacy laws and regulations.