The Privacy & Data Relationship
Whether you are a small mom-and-pop shop, or an Amazon sized giant, you should be thinking about privacy within your organization. Why? Because no matter the size, industry and goals of your business, you can be 100% guaranteed to have data and be planning to continue using it.
Sidepart – Technology & Finance Focus
Mindset Shift: Risk to Profit
Traditionally, privacy policies have been viewed as a risk mitigation practice and the terms “profit” or “revenue” have not been part of the conversation. It’s time this changed. All it takes is a simple scan of the news to understand that trust is at all time low when it comes to the management and protection of consumer data. In a 2018 analysis by Comparitech, they found that in the long term, [data] breached companies underperformed the market. After 1 year, Share price grew 8.53% on average, but underperformed the NASDAQ by -3.7%. To some, this represents an inability to properly mitigate risk, where as others view this as a revenue opportunity.
Privacy for Profit
Taking The First Step
- Define The data.
- Data Analysis.
- Security Of Data.
Your company should first understand the type and amount of data it has. Having this understanding allows you to properly analyze and extract patterns from the data that can be used to make better business decisions. Lastly, your organization should commit to protecting the Privacy of its data throughout the business.
Security and privacy pros must ensure security travels with the data across the business ecosystem; position data security and privacy as competitive differentiators; and build a new kind of customer relationship. If you want help getting started, or simply want to use your data in the best way possible, reach out to the Sidepart team!