The privacy conundrum
Balancing compliance with commercial advantage
More and more businesses are waking up to the fact that the responsible use of people’s data allows privacy to be a business enabler rather than just another compliance headache.
Getting privacy right means you will be able to capture the trust and confidence of consumers who will repay them with loyalty and access to much sought after personal data. Privacy should no longer be seen as a back office, compliance activity.
Why is it important?
There are three key drivers making businesses more sensitive to privacy issues than ever before:
With big data comes responsibility: Whilst the opportunity to capture and profit from customer data has never been higher, it needs to be counter-balanced with legal and ethical considerations. By using personal data in a responsible, controlled and transparent way organisations are able to create more of a trusted relationship with their customers, enabling them to maximise the value of the data they collect.
Legislative challenge: The rules governing the processing of this data are complex, ever changing and vary across the globe. Interpreting and ensuring compliance with regulations presents a growing challenge for organisations. The EU is in the process of overhauling European Data Protection legislation, which will introduce an unprecedented level of administrative burdens and new requirements on businesses throughout Europe.
Reputation protection: Maintaining a consistent approach to privacy compliance and data governance, whilst operating across multiple jurisdictions, brands and channels presents a challenge to many organisations. Failure to do so can result in significant attention from both consumers and regulators, leading to fines, sanctions and a negative impact on an organisation’s treasured reputation.