After the spate of large data scandals and breaches widely publicized in 2018, data protection has become a common topic of discussion among businesses and their consumers. With the most recent implementation of the GDPR (The General Data Protection Regulation), data, its value and the protection of it has become an integral part of any business strategy discussion. Consumers’ trust in the previous data-driven business model plummeted and as a result, businesses have realized that to retain customers they need to make fundamental changes to the way that personal data is collected, managed and shared.

With the increasing need to conform to evolving worldwide privacy norms, and the economic imperative to encourage domestic innovation, businesses must find new and more secure ways to balance the way in which they acquire and access customers.

To do this one must look at and follow a basic design of a modern, balanced and flexible privacy framework. Typically, this framework is governed by 4 parts: an overarching law; a core set of data protection, security principles as well as an unbiased and independent authority with effective powers to supervise and enforce the rules. This framework will restore a baseline level of trust for consumers and reassure them that their data is being used properly. This ensures that by protecting customers privacy fosters maximum business success as customers feel less at risk.

Reaping the Reward

It is interesting to note that associations who put resources into developing their information protection practices are currently gaining substantial business profits

Cisco conducted a Data Privacy Benchmark Study in 2019 and according to the study, there is a direct link between good privacy practice and business benefits. Respondents reported shorter sales delays as well as fewer and less costly data breaches.

Also noted by the study were that 59% of organizations reported meeting all or most requirements, 29% expect to do so within a year, and 9% will take a little longer a year.

Data is the new currency, and as the market shifts, we see organizations realizing real business benefits from their investments in protecting their data,” said Michelle Dennedy, Chief Privacy Officer, Cisco.