HBR Insights Future of Business Boxed Set (8 Books)

 

5

DO YOU CARE ABOUT PRIVACY AS MUCH AS YOUR CUSTOMERS DO?

by Thomas C. Redman and Robert M. Waitman

Companies have had little compelling reason to embed privacy considerations deeply into their larger business strategies. Consumers say they care about privacy, but few have placed any real value on protecting their data. While many privacy laws call for severe penalties, it appears that actual fines will be considerably lower and only the worst offenders will be affected. The costs to fully meet all privacy requirements can also be quite high for most companies.

On the other side of the ledger, sharing consumer data or using it in targeted marketing campaigns, to train algorithms, and so forth, offers outsize potential. Indeed, not exploiting ...