Sign In
The CEO Views Small logos
  • Home
  • Technology
    Artificial Intelligence
    Big Data
    Block Chain
    BYOD
    Cloud
    Cyber Security
    Data Center
    Digital Transformation
    Enterprise Mobility
    Enterprise Software
    IOT
    IT Services
    Innovation
  • Platforms
    How IBM Maximo Is Revolutionizing Asset Management
    How IBM Maximo Is Revolutionizing Asset Management
    IBM
    7 Min Read
    Optimizing Resources: Oracle DBA Support Services for Efficient Database Management
    Oracle
    Oracle
    9 Min Read
    The New Google Algorithm Update for 2021
    google algorithm update 2021
    Google
    5 Min Read
    Oracle Cloud Platform Now Validated for India Stack
    Service Partner Horizontal
    Oracle
    3 Min Read
    Oracle and AT&T Enter into Strategic Agreement
    oracle
    Oracle
    3 Min Read
    Check out more:
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    Banking & Insurance
    Biotech
    Construction
    Education
    Financial Services
    Healthcare
    Manufacturing
    Mining
    Public Sector
    Retail
    Telecom
    Utilities
    Gaming
    Legal
  • Functions
    RISMA Systems: A Comprehensive Approach to Governance, Risk and Compliance
    Risma Systems
    ENTREPRENEUR VIEWSGDPR
    9 Min Read
    Happiest Minds: A “Privacy by Design” approach is key to creating GDPR compliant businesses
    Happiest Minds 1
    GDPR
    8 Min Read
    Gemserv: GDPR 2020 and Beyond
    Gemserv 1
    GDPR
    9 Min Read
    ECCENCA:GDPR IS STILL AN UNTAMED ANIMAL
    eccenca 1
    GDPR
    6 Min Read
    Boldon James: HOW ENTERPRISES CAN MITIGATE THE GROWING THREATS OF DATA
    Boldon James 1
    GDPR
    8 Min Read
    Check out more:
    • GDPR
  • Magazines
  • Entrepreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
  • Events
Reading: Privacy is now the CEO’s business
Share
The CEO Views
Aa
  • Home
  • Magazines
  • Enterpreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Search
  • World’s Best Magazines
  • Technology
    • Artificial Intelligence
    • Big Data
    • Block Chain
    • BYOD
    • Cloud
    • Cyber Security
    • Data Center
    • Digital Transformation
    • Enterprise Mobility
    • Enterprise Software
    • IOT
    • IT Services
  • Platforms
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    • Banking & Insurance
    • Biotech
    • Construction
    • Education
    • Financial Services
    • Healthcare
    • Manufacturing
    • Mining
    • Public Sector
    • Retail
    • Telecom
    • Utilities
  • Functions
    • GDPR
  • Magazines
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
The CEO Views > Blog > Magazine > Privacy is now the CEO’s business
Magazine

Privacy is now the CEO’s business

The CEO Views
Last updated: 2020/08/21 at 5:04 AM
The CEO Views
Share
gdpr 3385166 1280 1
gdpr 3385166 1280 1

Until very recently, individuals appeared happy to offer unfettered access to their personal information in return for free services such as messaging, fitness apps or music. As a result, privacy was viewed by most organizations as a regulatory inconvenience and personal data was treated as just another corporate asset.

Indeed, in the run-up to the General Data Protection Regulation (GDPR) that went live across Europe in May of this year, the prevailing sentiment of organizations was to do the minimum necessary to comply with the regulation, often just with a few spreadsheets. Microsoft Excel probably has a 99% market share of privacy-enabling technologies!

However, I have a sense that the genie is now out of the bottle and major digital disruption is gaining momentum as I write.

Regulation is the catalyst but transparency is the driver

Updated privacy regulations such as the GDPR are being implemented in over a hundred states and countries around the world. But it’s not the complex regulatory environment per se which should grab our attention – rather it’s the transparency that it is imposing on businesses. For example, breach events which were previously unpublicised are now being forced into the public domain. Whilst these will be subject to regulatory fines, some of which might be quite severe, of greater concern for these businesses is that their reputations are being tarnished, their shareholder value eroded, and their top executives given their marching orders.

Knowledge is power, and individuals are starting to reassess the benefits of sharing their data. Hot on their heels is an army of class action lawyers hoping to pick up on any transgressions.

These shifting attitudes to privacy are creating new fault lines in the digital landscape in much the same way that streaming has done to the media industry and fintech to the world of banking. By the time that it was recognized as a threat, for many it was already too late. CEOs can no longer afford to ignore privacy and rely on the compliance department for a superficial paint job.

In short, privacy has become a strategic business issue. Yes, the fines for non-compliance are big, but that’s not what is (or at least, what should be) pushing it to the top of the C-suite agenda.

Understanding the value proposition

Instead, it’s the impact and the value proposition that good personal data governance entails.

The Cambridge Analytica scandal at Facebook highlights how a data breach at a small, obscure partner organization can cause massive damage to both market capitalization and business reputation for the principal. Facebook has the resources to contain the situation, but, for many businesses, such an event would represent an existential threat.

As individuals start to reassess the benefits of sharing their personal data, the market for this data will become increasingly competitive and only organizations that can demonstrate they can be trusted and offer value will be the winners.

In contrast, those that offer no more than recycled platitudes as an apology for a breach event, or respond to access requests using a regulatory template, will be marginalized.

Put another way, the current ‘surveillance by design’ culture – with value derived from behavioral tracking – will move towards the inverse ‘privacy by design’ approach. Transparency and privacy will generate greater value.

That value proposition shines through to the business cases that organizations are using to determine their level of investment in data governance technologies and platforms. A business case for new privacy technologies that headlines on mitigating fines or automating regulatory reports is the clearest signal to the CEO that they are tracking in the slow lane. Instead, the focus has to be on enabling the business to thrive in a transformed digital trust environment.

The world has changed

Businesses will have to take a different approach to how they manage personal data in this brave new world. This requires both a technological and cultural shift which must be driven from the top. Only when they have proved themselves to be a reliable and trustworthy data guardian will individuals be willing to provide the personal data that they now know (or at least, are beginning to grasp) has so much value.

And that means CEOs are going to have to stand at the forefront of this transformation and drive their organization’s next steps. They will have to demonstrate to stakeholders (partner organizations, regulators, staff, and customers) that their business has the right level of processes and standards in place to ensure personal data is treated like the gold dust it is. It doesn’t belong to the company – it belongs to the individual. It’s not a nice-to-have, it’s a strategic business necessity.

The CEO Views January 25, 2019
Share this Article
Facebook Twitter LinkedIn Email Copy Link
Previous Article Rowan Fogarty COO VigiTrust Is the GDPR Industry a One-time Economy?
Next Article Website photo design 1 GDPR Auto: GDPR’s Next Paradigm Shift
Web3 Gaming Tokens

How do Web3 Gaming Tokens Work?

February 19, 2025
Without Addressing Inequalities Access to Sustainable Energy Will Remain Elusive Worldwide
Utilities

Without Addressing Inequalities, Access to Sustainable Energy Will Remain Elusive Worldwide

The CEO Views By The CEO Views March 12, 2024
ecolog international
ENTREPRENEUR VIEWS

Ecolog International: Leading Provider of Integrated and Smart Support Service Solutions

The CEO Views By The CEO Views February 28, 2024
FIRST DROP VENTURES
ENTREPRENEUR VIEWS

FIRST DROP VENTURES: Advancing Portfolio Companies to Sustainable and Scalable Growth

The CEO Views By The CEO Views February 27, 2024
coronavirus 1
Digital TransformationHealthcare

How to Work From Home in Coronavirus, the fair way!

The CEO Views By The CEO Views April 29, 2024

How to Do Online Casino Marketing

May 30, 2025

From Boardroom to Marketplace: How CEOs Are Driving Amazon Success

May 30, 2025

A Look at South Florida’s Top Personal Injury Law Firm, Hollander Law Firm Accident Injury Lawyers

May 30, 2025

The Digital Revolution Is Here – And Legacy Payment Systems Are Struggling To Keep Up

May 29, 2025

You Might Also Like

Mike Akard
ENTREPRENEUR VIEWS

A Legacy of Innovation and Excellence

14 Min Read
Nathan Udy, President & CEO
ENTREPRENEUR VIEWS

Nathan Udy: A Visionary Leader Rebuilding the Benefits System

8 Min Read
Jason Lau, CEO
ENTREPRENEUR VIEWS

Jason Lau: Leading with Problem-solving, Adaptability, and Commitment to Long-term Success

8 Min Read
Dr.Che Jordan, CEO
ENTREPRENEUR VIEWS

Dr.Che Jordan: Leading with Compassion to Transform Lives

7 Min Read
Small logos Small logos

© 2025 All rights reserved. The CEO Views

  • About Us
  • Privacy Policy
  • Advertise with us
  • Reprints and Permissions
  • Business Magazines
  • Contact
Reading: Privacy is now the CEO’s business
Share

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?