We have categorized 7 documents as Data Privacy. All documents are displayed on this page.
Here's a sobering thought: "Data is the new oil"—as Clive Humby, a British mathematician and architect of Tesco's Clubcard, famously remarked. Thanks to the rapid digitization of the world, personal, and business data is the new currency of the 21st century. But just as the oil industry was dogged by spills and environmental damage, the data boom is not without its own perils—most pressing of which is Data Privacy.Learn more about Data Privacy.
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Here's a sobering thought: "Data is the new oil"—as Clive Humby, a British mathematician and architect of Tesco's Clubcard, famously remarked. Thanks to the rapid digitization of the world, personal, and business data is the new currency of the 21st century. But just as the oil industry was dogged by spills and environmental damage, the data boom is not without its own perils—most pressing of which is Data Privacy.
For effective implementation, take a look at these Data Privacy best practices:
Data Privacy, an essential aspect of strategic management, is becoming increasingly pivotal for companies across the world—no organization wants their 'oil spill' splashed across the front page. According to a report by PwC, nearly 70% of U.S adults trust certain companies less than they did a year ago, largely because of a lack of trust in the way these Companies handle their data. Accenture research has found that Data Privacy breaches can cost companies up to $3.92 million on average.
A report by Forrester suggests that in 2020, around 33% of global security decision-makers reported having experienced a security breach. That's a third of companies worldwide. According to a study by Gartner, only 44% of companies have a Data Privacy officer in place, a critical role necessary for guiding Data Privacy efforts.
Senior executives are also faced now with an increasingly complex regulatory landscape. There's the General Data Protection Regulation (GDPR) in the EU, the stringent California Consumer Privacy Act (CCPA) in the US, China's Cyber Security Law—and more coming. A report from McKinsey indicated that companies are investing significant amounts to ensure compliance, with estimated costs for compliance with GDPR alone being up to $1 million.
Explore related management topics: Cyber Security Data Protection Compliance
Explore related management topics: Change Management Strategy Development Leadership Governance Best Practices
It's clear that Data Privacy is no longer just the domain of IT professionals—it's a strategic concern that warrants top-level attention. C-level executives need to approach Data Privacy with the same rigor as other areas of Strategic Planning, Operational Excellence, and Performance Management. As data continues to surge, execs should be aware of the potential risks and take definitive action to protect their 'new oil.'
Explore related management topics: Operational Excellence Strategic Planning Performance Management
Here are our top-ranked questions that relate to Data Privacy.
Data Privacy Restructuring for Chemical Manufacturer in Specialty Sector
Scenario: A leading chemical manufacturing firm specializing in advanced materials is grappling with the complexities of Information Privacy amidst increasing regulatory demands and competitive pressures.
Data Privacy Strategy for Industrial Manufacturing in Smart Tech
Scenario: An industrial manufacturing firm specializing in smart technology solutions faces significant challenges in managing Information Privacy.
Data Privacy Reinforcement for Retail Chain in Digital Commerce
Scenario: A multinational retail firm specializing in consumer electronics is facing challenges in managing data privacy across its global operations.
Data Privacy Strategy for Biotech Firm in Life Sciences
Scenario: A leading biotech firm in the life sciences sector is facing challenges with safeguarding sensitive research data and patient information.
Data Privacy Strategy for Retail Firm in Digital Commerce
Scenario: A multinational retail corporation specializing in digital commerce is grappling with the challenge of protecting consumer data amidst expanding global operations.
Information Privacy Enhancement in Professional Services
Scenario: The organization is a mid-sized professional services provider specializing in legal and financial advisory for multinational corporations.
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