Messaging Architects, an eMazzanti Technologies Company and data compliance solution provider, discusses three factors that motivate enterprise business leaders to adopt data ethics business strategy in a new article on the Messaging Architects website.
The informative article first reviews the data ethics problem. The author then discusses data-savvy consumers, regulatory fines, and revenue impacts as factors that elevate data ethics to the level of business strategy. He concludes by listing several data ethics principles for readers to consider.
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“Considering today’s data-savvy consumers, expanding data regulations and the revenue impacts of poor policy, a comprehensive data ethics strategy supported by robust data governance tools should not be optional,” stated Greg Smith, Vice President of Services Delivery at Messaging Architects.
The Data Ethics Problem
“According to Deloitte, 9.7 billion data records have been lost or stolen worldwide since 2013. And since it went into effect in 2018, more than 95,000 complaints have been filed relating to the EU’s GDPR statute. Despite advances, legislation is not keeping up with the ethical issues raised by the large volume and variety of data collected.”
Data-Savvy Consumers
“Building customer satisfaction and trust provide ample motivation for creating a data ethics strategy. In the modern business landscape, and a world where data breaches continually grab headlines, the conclusion is inescapable. As data-driven technologies expand, e.g. AI, you can expect the demands for ethical data practices to also increase.”
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Regulatory Fines
“In a previous post, we looked at current International and U.S. Data Protection Legislation. And fines recently levied against Facebook and Google indicate the seriousness of regulators. Google’s recent record GDPR fine by the French data privacy enforcement agency totaled $57 million, many times larger than previous penalties.”
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Revenue Impacts
“In addition to the damage done by data breaches, more people grow skeptical of how their personal data is handled. Many are influenced by the prevalence of personal data-related stories in the news. Thus, organizations can leverage an excellent data governance record to establish data ethics as a component of their brand strategy.”
Look to the Data Experts
As countries and states add to the legal requirements and organizations consider the revenue impacts and adapt to please data-savvy consumers, data ethics strategies stand to grow in importance and visibility.
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October 05, 2020 at 05:31PM
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