Wednesday, July 16, 2014

Privacy Can Be Good for Business

These days, most consumers are not surprised to learn that their online browsing habits or personal cell phone usage are mined by companies for targeted marketing practices. However, as TRUST researcher Steve Wicker at Cornell University argues, privacy can be good for business too.

Dr. Wicker is just one of many experts urging firms to offer consumers options which do not leave them vulnerable to the hacking or misuse of databases. A service which promises to keep users’ data for a day instead of a year or more is, he believes, something that people would be willing to pay extra for.

Although change is slow, trust in how a business protects personal privacy increasingly translates to customer loyalty, opening up the potential for a big market in privacy products.