Data protection and privacy is an urgent issue for both consumers and businesses. As customers increasingly worry whether their personal information is secure and used appropriately, companies are also concerned about protecting data and their brand. This 10Minutes highlights the importance of viewing consumer privacy from more than just a compliance lens and developing a strategy and action plan that will help businesses lead on data privacy by building customer trust and enhancing their brand.
Are business leaders looking at the glass half empty? By considering only what privacy safeguards can prevent—customer loss, brand damage, fines, litigation—they miss out on what the right strategy can enable. Customer data is one of your most valuable assets. Companies that not only protect that data but empower customers to have a say in its use build trust in their privacy programs—and their business.
Why do so many companies fail to see the big picture? While company leaders are especially focused on data security and privacy, they may view it only through a risk lens, unknowingly harming the business by stifling innovation and limiting growth. Instead, you need to find the right balance between protecting data and enabling its use in new ways. Those that achieve this can lead in their industries.
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