Focus on Privacy Programs Is Critical
As organizations have amassed larger databases and gained more sophisticated data analytics capabilities, a focus on privacy has become critical. Today, business and IT executives find themselves facing data decisions that intersect with operational issues, legal risks and the way consumers view their brand. Consulting firm PwC's 2013 data privacy survey, found that enterprises approach privacy issues in different ways. "Because privacy programs are very much in an evolutionary stage, organizations' approaches vary widely, and there is not yet one generally accepted practice to structuring and implementing a companywide privacy program," observes Carolyn Holcomb, a partner and leader at the PwC Risk Assurance Data Protection & Privacy Practice. The key? "Business, IT and legal executives should focus on designing and implementing a privacy program commensurate with the data risks of their organization. With the rise of brand and reputation emerging as key priorities, companies should align their strategy with consumer expectations. The survey data highlights the importance of viewing consumer privacy from not only a compliance lens, but also from a trust and opportunity lens." The survey queried 370 respondents at the board of directors level who are responsible for oversight of privacy programs, as well as practitioners involved in day-to-day privacy operations.