You can hear the podcast here.
Howard: Let’s start by talking about Data Privacy Week. It’s often thought of as a way to remind consumers how to protect their personal data online, but companies also play a role. What’s your experience with organizations treating privacy as opposed to cybersecurity?
Terry Cutler: Let’s first differentiate the two: Generally, security will keep you safe from potential threats. Cybersecurity involves securing the data from unauthorized use to access. Data privacy refers directly to how companies can collect, manage, store and control the use of personal data.
Howard: Your company’s reputation can be influenced by consumers’ perceptions of how you value data privacy. In a recent consumer survey by Interac, which runs the credit and debit card networks used by banks and retailers, over half of the Canadian respondents said that organizations are primarily responsible for protecting their personal information. Nearly seven in 10 Canadian respondents would hold organizations that they have given personal information accountable for a data breach. Just over 70% want more control over their online information. What do you make of these numbers?
Terry: Well, you can’t have your cake and eat it too. Consumers rely heavily on convenience; unfortunately, security and privacy are not about comfort. We saw this happen very recently with Home Depot. Let me describe quickly how your information is tracked when you purchase something. Assume you’re on your way to buying a pair of pants. GPS satellites know you just pulled up to the store’s parking lot. GPS companies will start selling your data about that parking lot to thousands of other firms that track insights and trends for this location. Those companies will analyze these photos and see where people are shopping. In some of the analytics, they can predict where the consumer traffic is. That can give them an early sense of some sales and revenues. That’s kind of like a heads-up of earnings. But it doesn’t stop there. At least 100 apps on your phone, including weather and traffic apps, also sell your geolocation data. Firms specializing in these types of data could buy this information about the foot traffic and spit out insights into how many consumers visit a store in a given location.
