Why is Data Privacy an Immediate Enterprise Priority?

In the past ten years, the rise of privacy-conscious consumers and emerging data regulations have compelled enterprises to prioritize their data management programs. Read more to learn how data privacy has become an enterprise priority.

Introduction

Amazon’s sub-par data management story about its retail platform, if anything, is a cautionary tale. The lapses in understanding how and where data is stored have severely affected how information is managed and secured. In turn, it caused security shortfalls and unnecessary privileged access that rogue employees and sellers had exploited.

Privacy and Security Programs Are Not Just Cost Centers

The opinionated notion of thinking of data security and privacy programs as cost centers have to be questioned and rethought. While such programs do not seemingly contribute to the profits generated by an enterprise, the adverse effects on the topline when such programs fail are visible in too many examples, mostly in terms of lost consumer loyalty and revenue growth. Inversely, data privacy and security today are fundamental to building and operating a successful enterprise that is sustainable in the long term.

Overall, security and privacy are interdependent. Accordingly, enterprise leaders should support such programs as not something to be performed but a priority to be managed with appropriate investments of capital and resources.

An enterprise’s good track record with information security and consumer-focused privacy management can heighten brand value and strengthen market positioning in the current business landscape. Consumers, who have significantly been affected by data breaches, are concerned about what data they share and with whom, as personal or transactional data is ever becoming critical to how consumers live and businesses operate.

In this new paradigm, the amount of data is also growing exponentially. This phenomenon makes the data management practices and technologies widely used a few years ago ineffective, necessitating enterprises to rethink data management strategies and deploy emerging technologies to prepare for and overcome challenges.

In Conclusion

All this implies that data management programs must consider information security and consumer data privacy as fundamental to their success and contribute to an enterprise's topline.

But, how can enterprise leaders navigate this paradigm shift?

In my short yet insightful eBook on data privacy, enterprise leaders will get in-depth insights and much-needed perspectives on managing data security and privacy.

The chapters are as follows:

• Chapter I examines the evolutions of the data economy and how it's affecting business operations, growth, and sustainability
• Chapter II explains the importance of data privacy and why enterprises need to rethink their approach to data management
• Chapter III discusses how enterprises can effectively tackle compliance challenges with emerging data regulations
• Chapter IV helps enterprise leaders understand the future of enterprises dealing with more and more data

In detail, I have organized the eBook into chapters mentioned above in addition to an Executive Summary intended for senior executives for a brief overview.

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