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Grappling With the “Privacy Paradox” in a Hyper-Personalized World

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We live in an era of hyper-personalization where customers expect companies to understand and anticipate their wants and needs. That’s why many more companies across market sectors are applying data, artificial intelligence, machine learning and predictive analytics to deliver real-time, tailored customer experiences at scale.

This has led to a paradox for today’s companies.

Hyper-personalization requires real-time customer data collection and analysis. And, the trend is to do more of it. Whether in the public sector, finance, retail or healthcare, organizations are seeking to create awesome experiences by delivering custom insights, recommendations and services to individuals at precisely the right time. Yet, customers and regulators are raising their expectations around data handling, privacy and security so that customers can make informed choices, and control what information is retained.

In an ever-changing privacy regulation landscape, companies will need to make it easy for customers to understand how their data could be used, and give them the freedom to choose who they trust with that data. 

For chief information security officers like me, grappling with this all-too-familiar tension is top of mind.

The Privacy Paradox Challenge

In 2022 and beyond, companies are being challenged to strike a balance between the countervailing pressures of hyper-personalization and privacy within the context of regionally-evolving regulations and customer expectations. This will signal a fundamental shift in product development, with guardrails built in by design from the very beginning, and flexibly evolving throughout the product life cycle. And, accountability for responsible AI and data stewardship practices ingrained in a company’s culture, at all levels in the organization.

While solving for the “privacy paradox” will be no easy feat, the industry is fast at work with enabling technologies. For example, we anticipate breakthroughs in consent management platforms as they continue to keep pace with evolving global privacy laws.

In response to skyrocketing AI adoption, it’s of the utmost importance that we continue to push forward as an international community to empower individuals and encourage businesses to respect privacy, safeguard data and enable trust, not just during the National Cybersecurity Alliance’s Data Privacy Week 2022, but each and every day.  As Intuit’s Chief Information Security Officer, it’s my privilege to lead a cross-organizational team for which data stewardshipprivacy and security are fundamental to our values and culture in support of our consumer, small business and self-employed customers.