Why you need to pay attention to data privacy (your longevity depends on it)

*Editor's note: This article was updated on February 24, 2023, from its original publish date of May 17, 2022.

Businesses have never had more insight into their customers than they do today. Smartphones, social media accounts, search history and transaction data are powerful ways to understand customer behaviour and meet their needs. But with this power comes an important responsibility to protect that data—both for the customer's sake and your company's.

This responsibility will only grow as the digital world and daily life continue to overlap. That's why we think protecting customer data and privacy is one of the top three trends impacting businesses today, as discovered through research and interviews conducted for our 2022 Commerce and Payments Trends Report. Here's what every business should know.