Is customer data really safer by companies regulating themselves?
Is this why so few customers trust organisations with their data? Why is data privacy still not always considered paramount? Should data privacy be worth more than a diamond?
A carefully curated summary of the top data-related news from the week:
Headlines
Dropbox and Microsoft follow Google and sign up to the new US-EU data transfer agreement Privacy Shield. But is customer data really safer by companies judging for themselves whether they meet the criteria? 🕵
Insiders say that clashes over costs and fears that added security measures would chase customers away led to Yahoo's inability to protect customer data - and the consequential breach of 500 million users personal information in 2014. 💀👎
Data privacy
Chris Daly's concise summary of the Chartered Institute of Marketing's report on the use of customer data. With nearly 60% of consumers saying they don't trust organisations to use their data responsibly, the proposed solutions are worth a read. 🙅
Insightful infographic by Veritas drawing attention to the risks and frequency of data hoarding - especially worthwhile as avoidable data storage and management issues are estimated to cost organisations $891 billion globally by 2020. 💰💰💰
Is private data the ultimate luxury good? A new line of jewellery co-created by the co-founder of The Pirate Bay showing why perceptions of data value and customer information are outdated in the digital era - interesting way to visualise data privacy. ☠💅
Data sharing
Seemingly skyrocketing Snapchat can now share users behavioural data with companies to generate targeted ads, such as specific geofilters and sponsored lenses. 📸 Will Snapchat CEO Evan Spiegel stand by his opinion that targeted ads are 'creepy'? 👀 Discussion by Ross Benes.
Worthwhile read by Sue Siegel on the inevitable digital transformation of healthcare through sharing data and the shift towards the emerging era of a patient-led directive. 🏥
Weave uses social media data to inform sanctions screening, for example by exploring and sharing a persons known associates online. Notably, it can also help B2C companies by reducing the number of false credit card declines. 🛍
Miscellaneous
A $37,500 day in the life of a luxury technophile - a somewhat comical look into the future? 😎
