The IAB Tech Lab has launched a new framework to standardise how businesses classify personal data. Its new Privacy Taxonomy is intended to enhance transparency and simplify compliance within digital advertising by providing advertisers with tools that align with evolving privacy regulations and facilitate more effective privacy management.
Benefits of the taxonomy include categorising personal data using a standardised language for improved internal processes such as data mapping, cataloguing, and monitoring. In addition, the taxonomy offers a uniform way to manage and communicate user consent, simplify data subject rights' request management, and support enhanced auditing and reporting of data processing activities.
The taxonomy is the result of collaborative efforts involving a privacy task force within the IAB Tech Lab and a diverse group of digital industry stakeholders, including privacy tech providers, adtech firms, and publishers. It is built on Fides, an open-source taxonomy created by privacy compliance firm Ethyca.
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