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Posted by Dan Bieler on July 31, 2014
With Enza Iannopollo
Customers value tailored offerings. And consumers are increasingly aware of what Forrester calls the “privacy-personalization paradox” — that is, the paradox between their desire for personalization and their desire to keep their data private. A 2013 survey by Populus for Sky IQ of 3,097 UK adults found that 51% believe it is useful for brands to know some information about them, and 53% trust brands to act responsibly with their data. The same survey reveals that 79% respondents are careful about the type of information they pass to organizations, 63% worry about how much personal data they have revealed online, 48% say that data privacy is an issue they think about, and 46% do not trust social networks with their personal data.
Yet, the ruling by the European Courts of Justice in May 2014 that an individual could demand that "irrelevant or outdated" information be deleted from results reminds CIOs that privacy management needs to be a top business priority. Privacy regulation is now a topic that no CIO should underestimate as a major risk factor for businesses. CIOs who underestimate privacy regulation risk large fines for their organization, undermine their organization’s reputation and trust, as well as risk losing their own jobs. But those businesses that design their IT infrastructure with privacy regulation in mind build a competitive advantage for the age of the customer. Our report Customer Privacy Is A European CIO Priority highlights that the successful CIO:
Navigating the privacy challenge means that firms must elevate privacy conversations to the board level and embed privacy in their business process planning. This discussion has to involve the CIO, risk officers, and business leaders from divisions as varied as product development, human resources, and marketing. Leading businesses will embed privacy policies into their strategic business decisions and use it as a competitive advantage.
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