On January 28, International Data Protection Day is celebrated, a date that reinforces the importance of ensuring security and privacy in the digital world. This is a topic that gains even more relevance with the growth of PIX, Open Finance, and the use of financial apps like PicPay, Nubank, and Mercado Pago, which are transforming how we interact with digital services.
PIX, for example, is already the most widely used payment method among Brazilians. The instant payment service, created by the Central Bank (BC), is used by 76.4% of the population. Next come debit cards (69.1%) and cash (68.9%). The data is from the survey “The Brazilian and Their Relationship with Money,” published by the BC.
Open Finance, in turn, reached 37 million consents in October 2024, with 99% being from individuals, representing a 35% growth compared to the 27 million recorded in the same period in 2023, according to the study “Evolution of Open Finance in Brazil,” prepared by international consultancy BIP.
These advancements reflect consumers’ growing trust in sharing information securely and in a structured manner. However, despite the benefits of data sharing, there are still doubts about how to do so safely in the financial market while balancing innovation and privacy.
“It is essential that both companies and consumers understand the importance of protecting data such as name, address, financial history, and spending habits, ensuring compliance with the General Data Protection Law (LGPD),” mentions expert and CEO of Lina Open X, Alan Mareines.
LGPD: 58% of companies increased their investments in security
The LGPD was created to regulate the use and protection of personal data, promoting privacy and security. However, a survey by PwC revealed that 58% of companies increased their investments in information security after the law’s implementation. This shows that, although compliance is still ongoing, there is growing awareness about the importance of safeguarding personal data.
Compliance with the law among Brazilian companies has progressed but still faces significant challenges. According to a study by Logicalis, only 36% of organizations in Brazil claim to be fully compliant with the LGPD, while 43% are in the process of implementing measures to comply. Notably, 6% of companies have not yet taken specific actions for compliance.
“Adapting to the LGPD presents several challenges for companies, such as the need to review internal policies, train employees, and implement new data protection technologies. These measures are essential to prevent data breaches and ensure consumer trust,” analyzes Lina Open X CEO Mareines.
For Mareines, consumers play a vital role in protecting their data. “It is crucial for them to be aware of their rights, such as the right to access, correct, and delete their data, as well as adopt best practices when sharing personal information, such as verifying the legitimacy of companies and using secure channels,” he explains.
How to share data safely?
To share information securely, it is essential to adopt recommended practices. First and foremost, ensure that the websites and apps you use are trustworthy and employ encryption technologies. You can verify this by checking if the address starts with “https” and if there is a lock icon in the navigation bar.
Additionally, carefully read privacy policies to understand how your data will be collected, stored, and used. Prioritize services that are transparent and clear about these practices.
Adjust privacy settings on platforms and devices to control which information is shared and with whom. Whenever possible, enable two-factor authentication (2FA) to add an extra layer of protection to your accounts. It’s also important to create unique and strong passwords for each account and, if needed, use a password manager to organize them securely.
Keep your devices and apps updated with the latest software versions and security patches. Avoid using public Wi-Fi networks to transmit personal data; opt for private connections or, if necessary, use a virtual private network (VPN) to ensure a secure connection. Regularly review permissions granted to apps on your device, authorizing only access to essential information for their operation.
Be cautious of suspicious emails, messages, and links that request personal information. Always verify the sender’s authenticity before sharing any data.
Frequently back up important files to ensure you can recover them in case of loss or a cyberattack. In certain situations, consider using solutions like digital wallets or authentication tokens to protect sensitive data.
Finally, stay updated on modern security and privacy practices, keeping up with new threats and vulnerabilities. “By following these guidelines, it’s possible to share information more securely, protecting privacy and significantly reducing the risks of exposure or misuse of personal data,” emphasizes Alan.
10 benefits of sharing your data securely
Sharing personal information can offer a range of benefits for both consumers and businesses. According to a survey Mastercard survey, while 60% of executives believe consumers recognize advantages in sharing their data to gain benefits, only 44% of users actually see value in it.
For companies, data provides valuable insights into market trends and areas for improvement, contributing to the development of more innovative products and services. Meanwhile, consumers can benefit in various ways by choosing to securely share their information, such as:
1) Personalized services: shared data allows companies to tailor products and services to individual consumer preferences. A practical example is streaming platforms that suggest content based on a user’s viewing history.
2) Discounts and rewards: many companies offer perks like coupons, exclusive promotions, or loyalty programs in exchange for customer information, encouraging their loyalty.
3) Improved user experience: data helps companies create more intuitive interfaces and functionalities that meet user expectations, enhancing the customer journey.
4) Exclusive access: certain features or perks, such as early access to releases and exclusive events, are available only to those who choose to share their information.
5) More relevant recommendations: based on data, companies can suggest products and services that truly meet consumer needs, saving time and improving the experience.
6) Refinement of products and services: feedback and usage data help companies identify flaws and areas for improvement, resulting in more efficient solutions tailored to user demands.
7) Enhanced security: banks and digital services can use behavioral data to quickly detect fraud, in addition to offering safer and more convenient authentication processes.
8) Personalized support: data sharing allows companies to provide faster and more effective technical support, adjusting solutions to each customer’s specific needs.
9) Advances in health and well-being: in the medical field, shared data enables more accurate diagnoses, personalized treatments, and continuous monitoring, improving patients’ quality of life.
10) Encouraging innovation: data collected ethically contributes to advances in technology and artificial intelligence, generating benefits that positively impact society as a whole.
“Understanding the importance of data sharing and adopting secure practices can bring countless benefits for both consumers and companies, fostering a safer and more efficient digital environment,” concludes Mareines.
