Regardless of industry, no company can escape the widespread reach and impact of data. Whether a company is collecting account information from customers or aggregating platform usage data, handling large amounts of data has become the norm. While this creates boundless new opportunities for businesses in analytics and real-time decisioning, it also introduces new risks that organizations need to consider and prevent where possible.
Data can be both an asset and a liability, especially as it pertains to customer information. In addition to complying with laws such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Protection Act (CCPA) in the United States that outline rules for handling customer data (as well as punishments for failure to handle data appropriately), it’s important for businesses decide on their own standards for data storage, transmission, and retention.