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Win with Advanced Business Analytics: Creating Business Value from Your Data by Jesse Harriott, Jean Paul Isson

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DATA PRIVACY

In today’s era of globally connected customers and consumers, the strength of any business is based on the size and loyalty of its customer base, as well as on its value proposition carried to the market by sales, customer service, marketing, and product teams. However, customers are connected to one another and are sharing their opinions in widely open Internet and social media environments. With this in mind, companies can’t afford any failure to protect their customer data. Companies must protect their customer information vigorously. If they fail to do so and there are some data leaks, repercussions and damage could lead to highly undesirables consequences, such as

  • Customers could be offended and might turn to the competition.
  • Competitors could poach customers from the data leak.
  • Your company brand and image could be tarnished.
  • Malicious individuals could take fraudulent actions against your customers in your name.
  • Data leak victims could sue your company.
  • Your company could lose the confidence and trust of its customers.

Because of the expanding volume of data from multiple sources, data privacy and data risk management have become very complex and should be part of a formal, ongoing effort so that your company can stay on top of the latest legislation and can ensure that data privacy tools are up to date. The most effective privacy and risk practices focus on preventing data privacy breaches, as well as on scenario and operational planning should a breach occur. ...

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