The New Rules of Data Privacy

After two decades of data management being a wild west, consumer mistrust, government action, and competition for customers are bringing in a new era. Firms that generate any value from personal data will need to change the way they acquire it, share it, protect it, and profit from it. They should follow three basic rules: 1) consistently cultivate trust with customers, explaining in common-sense terms how their data is being used and what’s in it for them; 2) focus on extracting insight, not personal identifiable information; and 3) CIOs and CDOs should work together to facilitate the flow of insights, with a common objective of acquiring maximum insight from consented data for the customer’s benefit.