43% of companies experienced at least one data breach in 2014.
Think about it: each time a customer uses a store loyalty card, drives away in a new car, or buys a pair of shoes, data is being collected, processed, and used to predict their next purchase, develop a new product or service, or improve a marketing campaign. Similarly, each time an employee clocks in, sends an e-mail, or spends time on the Internet, data is being collected that could measure his or her productivity, work habits, likelihood to stay, and even potential for risky behavior.
In 2015 alone, customers, employees, and other users created about 7.9 zettabytes of data globally. By 2020, that number is expected to reach 35 zettabytes.1 To put that in context, if gigabytes were dollar bills placed on top of one another, the stack would stretch to the moon and back almost five times. But it’s more than just the growing volume of data; the types of information collected are multiplying as well. Where organizations once gathered mailing addresses and telephone numbers from their customers, new technologies now allow them to track demographics, web histories, buying preferences, physical location, and even biometric data. Thanks to rapid advances in computing power and analytics, companies can collect and process data on a massive scale in real time, allowing them to fine-tune their products, marketing campaigns, and business operations. The advent of big data, machine learning, and predictive analytics gives progressive companies that can harness this potential a competitive advantage by not only growing revenues but also improving efficiency. Perhaps it’s no surprise leadership teams are finding that their data strategy is integral to their corporate strategy. Now more than ever, corporate performance is being determined by how quickly and efficiently information can be collected, managed, and applied
to make business decisions.
Learn about the steps you can take to establish a sound approach to data privacy in your organization by reading our latest Executive Guidance.