Rethinking Data Privacy and Trust
Over the past few weeks, there has been a flood of media headlines on Facebook and Cambridge Analytica regarding the misuse of consumer data. But as consumers become more educated about how a company is using their data, they may actually be willing to assume more risk in exchange for value in the form of personalized experiences, discounts, or coupons.
In today’s society, with everything from shopping to dating happening online, it is easy to wonder if data privacy really exists? Many people feel that companies are accessing personal information that they did not explicitly provide. Yet, in spite of all these concerns, very few people have sworn off the Internet entirely. While we generally voice a desire for privacy, we are also very open with the information we share about ourselves, a conflict which seems to have become a permanent fixture in our everyday lives.
The coming years, this conflict is likely to affect most businesses:
- As the digital economy expands, data privacy and trust issues will only multiply.
- The notion of “privacy” will most likely undergo a radical change, and what is seen as the unethical today will be acceptable tomorrow.
- When personal data is the key to honing a competitive edge, data ethics becomes at the heart of business success.
- As transparency evolves as the new competitive differentiator, keeping customers informed about data usage policies in a language that they can understand, will become increasingly beneficial.
As the digital revolution unfolds, trust will become even more important because consumers will not just assume, but rather expect that businesses have put their consumer interests above everything else.
Read the full blog post at futureofwork.com