In a recent episode of our podcast series, Keily Blair, Partner & Head of Cyber & Privacy Litigation & Regulatory Enforcement at Orrick, and David Thomas, Head of Product, Identity at GBG, explore the data value exchange, and what is the true value placed on personal data.
Today, businesses face the increasingly complex challenge of delivering quick and efficient digital services. However, it’s also crucial that these services fall on the right side of data privacy and public trust.
That’s where the data value exchange comes into play. Across the world, consumers are sharing more personal information to access convenient and enhanced services, and the data value exchange essentially represents the value we place on the exchange of personal data.
The pandemic, increased tech adoption and rising consumer expectations are evolving the attitude towards data with other key driving factors, including:
As data sharing becomes intrinsic to our daily lives, however, it’s important to stop and question how the data is being used. At the same time, businesses need to give consumers confidence that their data is processed in a secure way. Ultimately, trust is key to a safe and successful data value exchange. Brands need to be transparent about how data is collected, used and stored to maintain consumer trust and stored.
At the end of the day, consumers will "vote with their feet" and if they don’t trust an organisation, they will choose to use a competitor. Alongside the risk of losing customers, broken trust – such as a data breach – can also have major reputational impacts and potential fines for organisations.
Consumers therefore need to fully understand the value exchange involved in sharing personal data if they are to benefit from optimised services. Transparency around data flow and data lifecycles lies in the foundations of a trusted brand, and if anything changes, that brand needs to make sure that their consumers are aware.