American companies experienced nearly 500 data breaches in 2016 alone, and governments around the world are beginning to require more from private firms when it comes to protecting user data.
Most notably, the European Union’s General Data Protection Regulation (GDPR) became enforceable in May of this year. The new regulation requires companies to, among other things, receive consent from users in order to store their personal data—and it applies to all companies that serve European citizens, whether the company is based in Europe or not.
While compliance with a new regulation often seems burdensome to global firms, data shows that the type of privacy policies required under the GDPR echo a rising clarion call from consumers.