How to foster a culture that values data privacy

Data is embedded in every world-class company’s strategy. In its2019 Annual Report, JPMorgan explicitly states that data is embedded in its strategies not only for innovating products and services, but also improving employee programs, employee privacy and community investments. Similarly,Lockheed Martinindicates data protection and cybersecurity as focal points in its strategy to improve operational efficiency and gain competitive advantage. In its2020 letter to shareholders, Adobe declares that using data and insights to improve customer experience is a key pillar to its growth strategy and innovating data privacy and security is a priority for the year.

Each of these organizations are leading and influencing the global markets. They put data at the forefront of their strategies to get ahead of competitors. However,Gartner predictsthat by 2022, 90% of corporations will specify data as a critical component to their strategies and by 2023, improving data literacy will be included in 80% of data and analytics strategies. All organizations strive to catch up with these mature, global market leaders.

Data is an asset. To become adata intelligent organization, organizations must work to generate insights and value of their data assets. To incorporate data into daily tasks,data must become part of the culture, vision and strategy. The leading organizations mentioned above certainly understand that data is a valuable asset, but they move beyond just using it as a simple tool. They embrace not only the value of data as a resource, but also the cultural, ethical and operational impacts of data privacy. And notice that they discuss data privacy and protection without mentioning regulations. In order to become a data intelligent organization and sustain data privacy management effectively, companies need to think beyond regulatory compliance and enforcing guidelines. They need to embed data privacy in their ethics and culture.

Simply put, people are resistant to change. Organizations are investing in data because they see it as a business driver. Data leaders recognize that data privacy is a business imperative, particularly in this climate. Data privacy affects every single line of the business, but the data teams have difficulty getting stakeholders to embrace the changing view of data. Data leaders have spent hours, days and months implementing standards, policies and processes to improve privacy. They have spent thousands, and often millions, of dollars on privacy-enhancing technologies to make privacy practices easier for everyone. Nevertheless, nothing seems to stick.

What happens when privacy is not done right?

There’s no question that poor privacy practices result in poor business outcomes. We’ve all seen the headlines that show some of the most influential global brands being hit with whoppingeight-figure fines due to noncompliance with GDPR.