Do You Care About Privacy As Much As Your Customers Do?

Until recently, there has been little compelling reason for companies to embed privacy considerations deeply into their larger business strategies. While consumers say they care about privacy, few have placed any real value on protecting their data. Further, while many privacy laws call for severe penalties, it appears that actual fines will be considerably lower and only the worst offenders will be impacted. 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 outsized potential. Indeed, not exploiting customer data when your competitors are doing so can put you at a significant disadvantage. Read more at Harvard Business Review.