Data privacy enforcement can boost revenue according to this survey / Digital Information World
Data privacy has become a hot issue due to the fact that it’s the kind of thing that could potentially end up ensuring users’ personal data doesn’t end up in the wrong hands. TripleBlind recently conducted a survey that showed the financial benefits companies could achieve by focusing on improving privacy for all of their users. According to this survey, 94% of Chief Data Officers believe that data privacy could increase their revenue for the quarter.
It is estimated that 25 billion gigabytes of data are generated every day, everything has been considered and taken into account. Companies that receive this data have a duty to manage it responsibly, and with all of that said and now out of the way, it’s important to note that a majority of CDOs felt that data regulation protocols could help them to become more competitive in the market.
Some experts suggest privacy-enhancing technology could allow companies to share data without hurting their profit margins, but despite that, CDOs seem hesitant to take the risk. About 60% of CDOs said employees might be tempted to change the data they receive, and since they have no control over how they use the data, they might prefer to keep it on their own servers instead. to distribute them.
This is an especially big concern for healthcare providers, with 86% worried about how this sensitive data could be used if shared. However, one industry sector that is a bit more positive about data sharing is the finance niche. More than half of the respondents who work in this field estimated that they could improve their income by up to 20% by sharing data, although they are in the minority when we take a broader view that incorporates various other sectors.
It shows that putting user data first is in a company’s best interest, and it’s rare to find consumer respect and the bottom line so perfectly.
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