Data privacy is not just a matter of compliance; it is an opportunity to boost market position by making privacy a recognizable pillar of the brand. High-profile laws and big fines drive compliance to privacy norms, but enterprises are now actively deriving business value from it. Privacy done right is an asset that can enhance the brand and brand loyalty.
There are three broad ideas that make privacy and trust a part of the brand:
- Robust data security measures covering the entire data life cycle – gathering, storing, and using – can help prevent data breaches
- Privacy built into the fabric of offerings, covering end-to-end design and development processes for products and services
Good companies comply with the letter of the law, but great companies go the extra mile by focusing on customer centricity with a privacy by design approach.