The Growing Value—and Risk—of Personal Data

By Samuel Greengard | Posted 2016-03-14

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The Growing Value—and Risk—of Personal Data

As security meltdowns occur on a regular basis, it's critical for enterprises to protect personal data and ensure privacy for employees, consumers and others.
Collection Schemes

79% of the professionals surveyed said their company collects data directly from individuals, 42% get it from data-sharing partnerships, and 33% get it from third-party suppliers and connected devices.
Top Objectives

77% said that a primary goal is to use personal data to deliver a better customer experience, while 52% said they use it to enter new markets, and 50% rely on data to spur innovation.
Lacking Confidence

71% of consumers are not confident about the security of their personal data, and more than half believe that companies aren't doing enough to build trust with customers.
Acknowledging Risk

79% of survey respondents said their company's customers are more aware of data privacy, and 67% reported that customers are taking measures to protect privacy.
Monetization Matures

Nearly 60% of respondents from products and manufacturing companies reported that their customers are actively monetizing their own data.
Managing Regulations

Though respondents agreed that more stringent regulation would be disruptive, 72% believe that regulation can also help to add clarity to issues involving the appropriate use of personal data.
Regulations Grow

Globally, data regulations specifically addressing data privacy have swelled from four in 1993 to 101 in 2013.
Guiding Principle: Digital Stewardship

Organizations must ensure that the management of personal data is consistent with the expectations of those providing it.
Guiding Principle: Digital Transparency

Companies must demonstrate openness in how the business uses personal data.
Guiding Principle: Digital Empowerment

Businesses must give customers greater control over their data.
Guiding Principle: Digital Equity

Companies can clarify and potentially increase the benefits customers receive in exchange for sharing their data.
Guiding Principle: Digital Inclusion

Enterprises can use personal data to multiply positive societal outcomes.
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One of today's most vexing challenges is the quest to protect personal data and ensure privacy for employees, consumers and other stakeholders. As breaches, breakdowns and cyber-security meltdowns occur on an increasingly regular basis, it's critical for organizations to address these challenges and build a more secure data protection framework. A recently released report from Accenture, "Guarding and Growing Personal Data Value," delivers some intriguing insights into the security strategies and practices being implemented. The consulting organization surveyed 578 business professionals across seven economies—Brazil, China, France, Germany, India, the United Kingdom and the United States—and eight industry groups. The key findings include a crisis of trust that is emerging in the data security space. Today's consumers are increasingly steering clear of companies that violate their personal data, and many of them seek a data dividend—an ability to monetize their own data—as the business world wades deeper into the digital economy. Here's a look at some of the highlights of the report.

Samuel Greengard writes about business and technology for Baseline, CIO Insight and other publications. His most recent book is The Internet of Things (MIT Press, 2015).