Author: Swish Goswami
Publisher: Forbes
Publication Year: 2020
Summary: The following article explores the importance of privacy with regard to consumer data in the modern world, where privacy concerns have been rising. The author mentions how companies have always collected data on their customers, even before computers, but their data collection efforts began exponentially ramping up with the internet’s arrival. For a long time, brands could do this unabated, and consumers did not voice their concerns. However, that’s beginning to change; now, governments are starting to regulate data collection. The General Data Protection Regulation (GDPR) was put in place by the European Union on May 25, 2018. This is the toughest privacy and security law in the world, according to Core DNA. The fines for breaking the GDPR’s guidelines can be up to 20 million euros, or up to 4% of your annual revenue, which is a substantial amount. The author also notes a recent survey from Edelman Trust Barometer, which showed that 81% need to trust a brand to buy from them. Considering these numbers, its clear that proper data governance is a substantial competitive advantage for businesses across various industries.