This article about customer data was originally published by Matthew A. Cordell at Ward and Smith, P.A.
Customer data can be a treasure trove for an organization. Many businesses believe customer and prospect data to be their most valuable asset. Unfortunately, some have discovered that, unless handled with care, it can also be their greatest liability.
Organizations of all kinds collect, store, analyze, use, and share consumer data for myriad reasons. For example, customer data may help an organization maintain contact with a customer or prospective customer. Properly analyzed, it can often predict customer behavior, allowing an organization to tailor its communications and offerings. It can reveal patterns that help increase revenue, minimize expenses, and ultimately drive profitability. In addition, companies can leverage and monetize data by sharing with affiliated and non-affiliated entities. In short, given the immense value of consumer data, it is no surprise that some of the most valuable companies in North Carolina and the world are data analytics firms.
Over the past few years, however, it has become widely acknowledged that such valuable data can also be a liability of the greatest magnitude. The costs of the largest data security breaches have made headlines. But these sensational headlines sometimes create the misleading impression that only large organizations incur massive costs, and that the losses are solely attributable to hackers.
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This article does not give legal advice in any particular circumstance or fact situation. Do not rely upon this article for legal advice. Please do not take action in reliance upon the information contained in this article without obtaining the advice of an attorney.
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