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Building consumer trust: Protecting personal data in the consumer product industry

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Consumer product executives should consider viewing data privacy and security not just as a risk management issue, but as a potential source of competitive advantage that may be a central component of brand-building and corporate reputation.

For more information - Visit Deloitte University Press - http://dupress.com/articles/consumer-data-privacy-strategies/

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Building consumer trust: Protecting personal data in the consumer product industry

  1. 1. of consumers are aware of security breaches of personal data stored with retailers of consumers state that a single data breach would negatively impact their likelihood of buying brands Data privacy and security as a competitive advantage 83% 59% of consumers agreed that easy-to- understand privacy policies would increase their trust in CP companies 73% of consumers more likely to buy from a consumer product company that was verified by a third party for data privacy and security 70%of consumers surveyed more likely to purchase from consumer product companies that protect their information 80% of consumers believe most consumer product companies are adequately protecting their information 37% Five considerations toward stronger data privacy and security practices 1.Take on the consumer mindset in setting the vision and strategy for what data is collected, how data is analyzed and used, and how breaches are handled. 2.Develop privacy policies as if they were a marketing tool rather than only a legal disclosure. 3.Elevate the seniority of the executive with ultimate responsibility for data privacy and security. 4.Deploy supporting processes and systems consistently across the enterprise to reduce exposure and mitigate threats. 5.Expand risk management around data privacy and security to guard against not just external malicious breaches, but also inadvertent internal breaches and third-party partner breaches. “Consumer product companies should not assume that adequate privacy and security precautions are in place with digital marketing vendors. They should be verifying with third-party audits.” — Consumer product information technology executive “Provide clear and frequent updates on what personal information is held and how and when the information is provided to others.” — Consumer survey respondent 50%37% 47% 47% 18% Consumers Executives Consumers believe the risks of sharing personal information are worth the personalized promotions, advertising, or coupons Consumers believe that the risks of sharing personal information are worth product recommendations Disconnects — consumers vs. executives Most consumer products companies are adequately protecting consumers’ personal data 25% Note: Figures represent the proportion of respondents who agreed or somewhat agreed with the statement. Source: Consumer product consumer and executive survey on data privacy and security, Deloitte LLP, August 2014. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2014 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited Building consumer trust Protecting personal data in the consumer product industry For more information go to: www.dupress.com/consumer-data-privacy-strategies

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