Several companies are now in the business of data warehousing. Enormous amounts of personal and official data is stored but not all zealously guard the information. Some companies have faced public backlash for their lack of proper data protection. According to a study by BCG, this data can churn revenues worth more than a trillion US dollars by 2020. This is because this data gets used in the business analytics process to unlock insights about customer use or preferences. But misuse can also render this data as dangerous. A lot of complex legal documents are written by companies so that consumers end up signing up for use of their data. Even those that are ethical end up stressing out their customers due to privacy breach issues. BCG advocates for misuse of data to be punished more strictly than a mere breach.

Source:https://www.bcg.com/publications/2018/bridging-trust-gap-personal-data.aspx?linkId=49448320

Uploaded Date:19 June 2018