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Author: Neil Hodge
Publisher: Compliance Week
Year: 2020
Summary: This piece looks at data privacy in banking from a different viewpoint than I’ve seen elsewhere. Instead of leading with the risks of breaches and compliance issues, Hodge leads with the idea that poor data privacy strategy stifles innovation. Since many institutions have poor data privacy strategies, they know they’re at heightened risk of compliance issues and breaches, so they don’t even bother leveraging their data to the fullest extent. As these institutions shy away from risk, they also miss out on big opportunities. While I still think that the first step for institutions is mitigating risk via a sound data privacy strategy, the idea that banks are missing out on opportunities to maximize value from their data is a strong motivating factor to go ahead and tackle that risk.