Excerpt from BusinessWire Article, Published on Oct 30, 2023
Recent news from Usercentrics, a well-known company that offers consent management solutions, shows that the European Union’s General Data Protection Regulation (GDPR) compliance rates are alarmingly low in many areas. This concerning lack of emphasis on data privacy and user consent is poised to become even riskier with the impending enforcement of the Digital Markets Act (DMA), set to take effect on March 6, 2024.
The DMA primarily targets the six “gatekeeper” companies designated by the European Commission, including Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft. However, what often goes unnoticed is its far-reaching impact on all companies conducting digital operations in the EU that depend on the platforms and services of these tech giants.
Donna Dror, CEO of Usercentrics, underscores the DMA’s significance: “The DMA will serve as a pivotal wake-up call for many companies, signifying that without consent, there will be no revenue. Additionally, gatekeepers may require companies using their services for advertising, e-commerce, analytics, and other purposes to set up compliant consent management procedures. This is because they are another regulatory requirement that requires clear user consent for processing personal data.
For gatekeepers, non-compliance with the Digital Markets Act (DMA) presents a costly risk, but the stakes are equally high for third parties. They stand to lose valuable data, audiences, and revenue by forfeiting access to the user base, data, and services offered by industry giants such as Google and Meta.
Fortunately, the path to DMA compliance and fulfilling gatekeepers’ demands is straightforward. Usercentrics and Cookiebot Consent Management Platforms (CMPs) empower companies to transparently inform users about data collection, its purposes, and potential sharing. They enable the collection and storage of valid consent, which can be communicated to gatekeepers.
These CMPs streamline DMA compliance by facilitating direct integrations with leading web and e-commerce content management systems, including WordPress, Magento, HubSpot, Joomla, and Shopify. They also extend support to app and TV platforms, in addition to cross-platform frameworks like iOS, Android, Unity, and React. Companies can now take proactive steps to safeguard their advertising revenue and vital analytics data in preparation for the DMA’s impending enforcement.
To delve deeper into this topic, please read the full article on BusinessWire.