Information has become the new currency of business – and it’s about to get even more valuable and complicated.
About 90 percent of today’s data did not exist two years ago, and information coming from today’s connected cars will soon be adding a lot more of it, generating gigabytes of data every hour. From May 2018, however, consumers will “own” much of that information.
The EU’s General Data Protection Regulation (GDPR) gives consumers the right to access personal data that companies have collected about them, compel the companies to delete it, and share it with rival businesses. Companies that do not comply could be fined up to 4 percent of global turnover.
Strategic playbook
Companies need both to ensure short term compliance and also to address the medium term strategic opportunities and threats
Source: Oliver Wyman
