The increasing adoption of artificial intelligence (AI) has brought about heightened concerns regarding data privacy. Companies are now facing significant challenges as they seek to balance AI's need for data with data protection requirements. As such, data privacy, which is often regarded as a burdensome compliance obligation, should instead be recognised as a strategic investment and vital for a company's survival. Data protection is not only about meeting regulatory requirements; it's about safeguarding consumer data, which has emerged as a genuine competitive advantage.
The potential exploitation of consumer data by competitors poses a direct threat to a company's existence, particularly considering the significance of high-value customers in driving business success across various industries. To address this, companies are urged to view data privacy as a strategic investment, ensuring a clear understanding of data storage, access, and potential conflicts of interest. Furthermore, adopting privacy-enhancing technologies (PETs) and ensuring compliance teams, legal departments, data privacy teams, and business strategies are aligned are essential steps to maintaining customer loyalty and trust, which are necessary for long-term success.
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