The Data Gold Rush: Growing and protecting your position in the data ecosystem

The Data Gold Rush: Growing and protecting your position in the data ecosystem Osborne Člarke IBM reports that 90% of the world's data has been created within the last two yecrs. With this explosive growth in mind, how are consumer perceptions of data and, in particular, data privacy changing? The following results are from an international Ipsos MORI poll covering 5 European countries and a total of 5,078 adult respondents. "Keep my email but don't call me" European consumers are more comfortable sharing their email addresses than landline or mobile numbers. German consumers were much less comfortable than their counterparts in the UK, Spain, France and Italy. Percentage of Brits and 23% 21% 56% Brits Germans comfortable sharing their information. Germans 5% 10% 18% "Will it affect my insurance premium or future employment prospects?" The vast majority are concerned about sharing detailed major medical history. This is particularly true for Germans. Minor medical Major medical ailment history 22% 54% UK 52% 73% Germany 22% 52% Spain People are less concerned about 32% 45% sharing the details France of a minor medical 22% 35% injury. Italy "I'm having fun...but in a secret location" "I'm off to play footy..." Only 13% are 13% uncomfortable about sharing information about their hobbies or Concerned Status updated social activities. 70% However 70% of "I'm off to play footy.." consumers are concerned or unsure about sharing their Concerned at Hyde Park actual location. "If it means a bargain, count me in" Most consumers are comfortable with shopping preferences being retained online 42% W 13% But only 13% of Germans were comfortable with loyalty 42% of consumers are happy with loyalty schemes storing their purchase history. schemes storing their purchase information. "Let me know if it's about my kids" Most consumers feel parental permission should be required for organisations to collect data about children. Parental consent up to 18 years UK - 35% 40% Germany - 57% Spain - 65% 40% of UK France - 52% consumers think 16 is okay. Italy - 59% "You can use my data but don't you dare sell it" Data-sharing for the customer's benefit – service improvement or promotional offers - is broadly accepted. Consumers are much less comfortable with allowing businesses to sell their data. UK Germany Spain France Italy Selling data to other organisations Share data in return for deals, freebies and offers 84% 24% average percentage of people comfortable with sharing data in return for freebies and offers. average percentage of people comfortable with selling their data alone. "What's hiding in The Cloud?" Relatively few consumers are comfortable with data being stored in The Cloud. A significant minority do not know what The Cloud is. Wiki definition here: http://en.wikipedia.org/wiki/Cloud_computing 52% 10% Uncomfortable Comfortable 26% 12% Don't know Don't know what The Cloud is Osborne Clarke is driving the debate A recent Osborne Clarke round-table attended by leaders from the digital business sector identified a number of ways in which organisations can help the data economy: · Address/lobby on Privacy issues: Commercial organisations are often seen as the bad guys. • Keep data fowing: Realising the value that data has can make organisations hold it close. Develop the role of the Data Protection Officer: DPOS are in-house data experts, keep them involved. • Think about the customer benefits: Data is an asset that comes at a price and as consumers become more data-aware they will extract greater value from the organisations that use their data. • Lead thought: The world of data is largely uncharted territory. Organisations can play a key role in explaining the issues and mapping out the future. • Understand the legislative roadmap: Build an understanding of forthcoming legislation and the ideas that shape it. · Avoid cat and mouse syndrome: It's tempting to get into an 'us and them' mindset when it comes to regulation, but there are few scenarios that could be more damaging for businesses. Join the debate Osborne Clarke has also produced a market insight report which details the current legal landscape and addresses today's commercial challenges. • Visit www.osborneclarke.com/datagoldrush · Follow us on Twitter: twitter.com/OC_Digital ·Add us on Linked In: www.linkedin.com/groups?gid3=1971350&trk=myg_ugrp_ovr Osborne Clarke www.osborneclarke.com/datagoldrush