Welcome to the Privacy Stack,
I'm three months into my new role at Privitar and I continue to be tremendously impressed with the interest from our customers; the drive and passion of our teams and the impact that privacy engineering is having on customer workflows and architectures.
I spent the last four years with an inside view to the "big data revolution" from one of the major Hadoop vendors; how organisations leveraged technology to gain a "360-degree view" of each customer. When done well, data analytics can delight customers by anticipating their demands; reduce churn by identifying the customers most needing attention; and provide greater specialisation and choice for smaller market segments. The use of data has, in general, been a positive thing for consumers.
However, what's now crucial is to ensure that customers trust that their data is being managed carefully. Having learned the fundamental lesson that "more data beats better algorithms", companies have amassed enormous data sets without fully ensuring the consent of those contained within. We're now at the point where consumers are becoming wary of filling in forms, or allowing their data to be shared with third parties. If we believe that data is an asset - particularly consumer data - then we must reinforce and build up trust again.
"Privacy by design" is the key to doing that.
Building systems that allow the optimal data utility - for instance allowing it to be shared with third parties for advanced analytics - but limit access to only those on a "need-to-know" basis is key to ensuring that customers remain willing to provide their data freely. Companies must show consumers that they are taking the steps necessary to protect the data that they hold, both within the company and as data is being shared externally.
I am excited to be working for a company that allows the big data revolution to roll on, by protecting the data that companies are entrusted with and preserving it's innate value. Trust is the key to getting more data, and Privitar plays a key part in ensuring that trust.
We hope you enjoy this month's edition of The Privacy Stack.