The data harvested from our personal devices, along with our trail of electronic transactions and data from other sources, now provides the foundation for some of the world’s largest companies. Personal data also the wellspring for millions of small businesses and countless startups, which turn it into customer insights, market predictions, and personalized digital services. For the past two decades, the commercial use of personal data has grown in wild-west fashion. But now, because of consumer mistrust, government action, and competition for customers, those days are quickly coming to an end.
The New Rules of Data Privacy
Navigating privacy protection, new regulation, and consumer revolt.
February 25, 2022
Summary.
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.
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New!
HBR Learning
Performance Measurement Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Performance Measurement. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
How to set the right targets, collect and analyze data, and improve key metrics.