The Future Of Data

Christopher Graham, the information Commissioner speaking at the ICO’s Data Protection Conference on 3 March 2010 said:

“No organisation can neglect to protect people’s privacy. Not only is it the law, but there is also a hard business imperative. Privacy protection should be hardwired into organisational culture and governance.”

How the organisation handles people’s personal information is central to the degree of trust on which the relationships the organisation has with the people it serves are based. Protecting privacy builds trust and strengthens those relationships, making them more long-lasting and productive. It also strenthens the organisations reputation and helps to attract new customers.

Research shows that as people increase their awareness of privacy matters, their sensitivity to how their information is handled and to the respect which they are treated increases. Privacy awareness is expected to rise as we become more and more a digital society.

In the words of Ann Cavoukian, the information and privacy commissioner of Ontario, Canada. “The  ‘payoff’ to privacy-respecting organisations is ultimately, enduring competitive advantage. In a world of increasingly savvy and inter-connected customers, an organisations approach to privacy may offer precisely the competitive advantage needed to succeed.” 

In the private sector, it is well understood that increased trust and loyalty lead to a higher volume of sales over a longer period of time. Customers are more likely to keep returning for subsequent purchases. In businesses where the cost of switching provider is low, customer satisfaction is key to retaining customer business long enough to generate a good return on the cost of customer acquisition.

Better privacy protection could provide an organisation with the opportunity to differentiate itself from others. Customers prefer to deal with businesses they can trust as that reduces the ‘cost’, as they experience it, of the relationship they have with that business. Being willing to pay a premium for the offerings made by a trusted organisation is how a share of the value generated by that trust is returned to the organisation that generates it.

The responsibility of business and organisations is changing.

When the new European data protection rules come into force larger companies will want to have a dedicated data protection department or make use of services from companies like the personal data protection service outlined on this site.

Seventy percent of people in Europe have a distrust of how their data is currently being handled so it is clear there are large advantages to be gained by businesses or organisation that can capitalise and gain a first class reputation for running data reserves with high integrity and adequate protection.

The personal data protection service is a service that can help, so please register your interest and let’s start building tomorrow’s world today.