Businesses’ Use of Personal Data at Risk, Accenture Report Warns

NEW DELHI, INDIA: A new report from Accenture warns that businesses’ use of personal data from consumers is at risk and recommends key strategies and principles to properly protect consumer data, build trust and simultaneously grow their businesses.

The report, “Guarding and Growing Personal Data Value,” acknowledges the benefits of using personal data to support innovation in customer service, product development and market development. However, it also identifies the growing challenges that businesses face when using personal data, as a result of changing sentiments among stakeholders such as customers, regulatory bodies and watchdogs.

“Customer data is a digital ‘crown jewel’ for any business but an organization’s ability to collect, analyze and monetize that asset in the future is under threat due to shifting perceptions, preferences, regulations and attacks,” said Ryan LaSalle, managing director, Accenture Security.

“Above all, stewardship and effective safeguarding of personal data is paramount to establishing digital trust. The implications of failing to do so extend into a business’s operating model – meaning businesses must be organized and have the capabilities to protect the data that is entrusted to them,” he further added.

The report is based on research conducted by the Accenture Institute for High Performance that included a survey of nearly 600 global business professionals across eight industry groups, interviews with academic experts, and other secondary research. Ninety per cent of respondents said digital stewardship is the most important principle in terms of improving their business reputation and being responsible managers of personal data, and 74 per cent said that their businesses are taking action on this principle.