11.28.2022 Executive Data Bytes – Business struggles & Data Privacy - Who "owns" your data?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are discussing data privacy, specifically the question, “Who owns it?”.

Focus piece: “What Constitutes Data Ownership and Why You Don’t Own Your Data”

Executive Summary

More and more personal data is generated every day and we have limited, if any, control over it. As it stands today, you probably don’t own much, if any, of your personal data. And that’s an enormous problem. This Absio Blog explores the ownership of data, and how it can be controlled.

Key Takeaways

• Data is physical and inherently controllable. The concept of ownership has a long history among humans and provides well-vetted legal constructs we can apply to things like data privacy and cybersecurity.
• You can restrict access to your personal data by locking it, forcing companies to permanently delete it, and steering it away from certain types of advertisers.
• Most of the time, individuals have no control over their data. EU residents, for example, cannot control Google's processes to prevent unflattering media stories about them from appearing in search results.
• Rules like the EU's General Data Protection Regulation and the California Consumer Privacy Act give us back our privacy, but not our data security.

Focus piece: “Data Privacy Laws Impact Every Business—Including Yours”

Executive Summary

With the rapid proliferation of data privacy laws, mid-sized organizations are having a hard time keeping up with all of the new regulations, and many struggle with understanding how rapidly evolving legislation might apply to them. This Egnyte Blog provides a list of Data Privacy Regulations, and explains why compliance with data privacy laws is important for businesses of all sizes.

Key Takeaways

• Many organizations believe they are "too small" to be concerned with data privacy regulations, but that's not necessarily true. HIPAA compliance requirements apply to small businesses, too.
• Compliance with data privacy regulations and other compliance mandates is difficult without specialized company expertise, and tracking down consumers' data across different data repositories is extremely challenging.
• The California Privacy Rights Act redefines and expands the California Consumer Privacy Act (CCPA), and requires businesses to utilize deliberate data privacy management systems and processes.
• As your business grows, it’s increasingly likely to face compliance scrutiny. You’re better off following best practices now, so you’re better prepared for future regulations.

Focus piece: “The New Rules of Data Privacy” 

Executive Summary

Personal data is the foundation for some of the world's largest companies, but now, because of consumer mistrust, government action, and competition for customers, those days are quickly coming to an end. This Harvard Business Review article explains why every business needs to start following three basic rules.

Key Takeaways

• The data economy was structured around a "digital curtain" that obscured the industry's practices from lawmakers and the public. This curtain has since been lifted and countries in every region of the world have begun to treat personal data as an asset owned by individuals and held in trust by firms.
• Leading firms are already adapting to the new reality of data and trust, by reorganizing their data operations around consent, insight, and flow.
• Federal lawmakers are moving to curtail the power of big tech, while state legislatures are passing legislation to protect personal digital rights.
• In 2021 state legislatures proposed or passed at least 27 online privacy bills
• Apple’s OS upgrade last year that shut down tracking across apps, cost the major social media sites $10 billion in lost revenue in the second half of 2021.
• Established companies already suffer from internal tensions over customer data, and new changes present a new set of data challenges. They often have multiple overlapping roles, multiple legacy systems, and a complex web of bilateral and multilateral data-sharing agreements.

Why Struggle Alone?

Who We Are

Data Products partners with organizations to deliver deep expertise in data science, data strategy, data literacy, machine learning, artificial intelligence, and analytics. Our focus is on educating clients on varying aspects of data and modern technology, building up analytics skills, data competencies, and optimization of their business operations.