The Information Commissioner’s Office (ICO) in the UK has recently begun a number of data awareness campaigns. These campaigns could play a very important role in building trust in cryptocurrencies.
The faith in the cryptocurrency market is contingent on a number of factors. Data security and privacy are two of the biggest issues. The EU’s new Global Data Protection Requirement (GDPR) and other data privacy laws around the world have highlighted some of the concerns with the cryptocurrency industry. In order to encourage more people to use crypto, the industry will need to assure them that it is safe and secure. The ICO’s new data awareness campaigns could provide the boost in trust that the crypto industry needs.
ICO’s Campaigns Will Create More Trust in Data – And Therefore In Crypto
The ICO has said that consumer trust in data has been shaken over scandals related to security breaches and privacy violations. They have started exploring new ways to reestablish customer confidence in data by discussing new developments and measures that regulators have taken. Some of these campaigns are being conducted in conjunction with leading brands that have a vested interest in restoring faith in digitalization. Others are being run to educate customers about their rights under new data protection policies.
These new education campaigns will have a profound impact on the future of data collection and retention policies throughout the world, as well as on customer confidence.
More Read
What is the outlook for the ICO educational campaigns?
The ICO is committed to helping ensure the security of data throughout the regions in which it asserts jurisdiction. The new campaigns it is running are designed to help ensure compliance and minimize data security and privacy risks through education.
One of the most ambitious programs they are running is going to be a three-year-long program designed to help educate consumers about their rights under the new data protection regulations. The ICO still has not shared the exact curriculum that they will be using. However, the course is likely to include the following details:
- A detailed assessment of the GDPR.
- Projections for the types of specific policies regulators may develop that were not drafted by the European Union councilors.
- Guidance for customers that want to review records of their data or have any data deleted from an organization they have worked with in the past.
- Advice on reviewing data collection and retention contracts, so customers can decide whether or not to sign them.
The new initiative is a good idea and could have significant benefits. However, there are also some limitations that need to be considered:
- The effectiveness of the new campaigns will obviously be limited by their reach. The ICO acknowledges that 20% of the general public have been made aware of even the most well-known initiative that they have organized over the past 30 years.
- The specific policies are subject to change over time. The EU has a Napoleonic legal system, so new precedents are unlikely to have any significant impact on the future of the law. However, data enforcement regulators are going to undoubtedly encounter a variety of challenges as they seek to enforce policies. They are going to use their judgment and change their standards for selecting cases they intend to enforce. The regulators may not pursue some cases in the future that they claimed were a high priority after the law was first passed.
- Consumers may still struggle to recognize illegitimate businesses that use recyclable domains to commit fraud. Law enforcement officials throughout the European Union have struggled to shut down these operations for years, so the new data protection policies are unlikely to have any major impact on them. The new data protection assurances could actually give consumers a false sense of confidence, which may make them more vulnerable to these types of scams. However, most customers presumably understand that scammers have found sophisticated ways to escape detection, so will remain on their guard in spite of the new laws.
Despite these risks, the ICO data protection awareness campaign is likely to have a highly positive impact for consumers.
Discussing the importance of cryptocurrency under the new data guidelines
The new policies are going to have a tremendous impact on the future of cryptocurrencies. This is something that any organization that wants to learn how to launch an ICO (not related to the Information Commissioner’s Office) should be aware of.
The ICO is going to help companies learn more about the role of cryptocurrencies in the era of the GDPR. They will provide guidance to help them ensure compliance, as they continue to accept crypto payments from EU consumers.
Helping smaller businesses garner trust and meet compliance targets
Small businesses are particularly vulnerable as they try to collect, retain, and utilize data on their customers. There are a couple of reasons for this:
- They tend to have smaller budget, which limits their ability to hire legal advisors and develop a complaint infrastructure. This can leave them at a greater risk of violating data protection policies or be exposed to a costly data breach.
- Since they have less brand equity than their larger competitors, they need to work harder to earn people’s trust when collecting data.
- The draconian fines imposed under the GDPR are particularly heinous to small businesses. While they are less likely to be targeted, they could be driven out of business if the full $20 million fine is enforced.
The ICO is running a seminar to help businesses with under 10 employees meet compliance goals. This should be a good opportunity for online micro-businesses to avoid hefty fines that could cripple their business models.
The Cryptocurrency Industry Will Benefit from ICO Data Awareness Efforts
Data awareness is a major concern throughout the world. It is a particularly sensitive topic within the crypto community. The good news is that new efforts that educate people about data privacy and security will assuage some of the fears they have about crypto. This should encourage more people to use crypto in the future.