Data privacy can build consumer trust & competitive differentiation: When it comes to data, video service providers need to go beyond simply keeping it safe.
The data-privacy landscape is changing in terms of consumer expectations, legislative frameworks, and regulatory enforcement. Worldwide, there are now more than 100 countries with data privacy laws, but even in regions where they do not yet exist, it needs to be a priority for video service providers to build trust with customers through self-enforcement of clear data privacy practices.
That was the consensus among an audience of video service providers and industry experts during an interactive panel event Verimatrix hosted in conjunction with CommunicAsia2017 in May. The discussion put a spotlight on how big data will transform the video experience and took a deep dive into how video analytics and data privacy best practices can provide video service operators with a competitive edge.
Beyond regulatory and technical dimensions of data stewardship, the audience reaction places a heavy emphasis on ethical considerations for data privacy, suggesting that ethical approaches to protecting subscribers' personal data should be deemed appropriate, or even demanded, in instances where formal regulations have yet to be put into motion.
As video service providers continue to depend more and more on insights gained from customer data, it is becoming clear that this concept of "good data stewardship" is going to be a key source of differentiation. Savvy organisations have a window of opportunity to create a competitive advantage by adopting a customer-centric view, designing appropriate privacy controls and practices into their services, and building and maintaining trust with their customers.
This is a clear takeaway from a recent survey report Verimatrix commissioned from Castlebridge and TechPolis entitled, Reality Check: A Look at Today's Data Privacy Practices of Video Service Providers. This follow-up piece to our white paper, Best Practices in Data Privacy for Video Service Providers--The Five Core Elements, reveals how actual best practices of video service providers stack up, and fall short, to the five core elements of data policy best practices.
Key findings from the paper indicate the following: a gap in approaches to transparency in how data about consumers is processed; a lack of focus on communicating with consumers how their data is used; a low level of maturity in the governance of data among video service providers, limited subscriber control over how data is processed; and a bias towards protecting the organisation when assessing risk involved with processing personal data.
So, it would seem that despite being increasingly aware of a growing need to secure and respect the personal data privacy of their subscribers, video service providers are leaving treacherous gaps between their current processes and the recommended best practices.
The bottom line is that privacy will inevitably become part of every video service provider's brand; therefore, it will be the organisations that recognise this early on that will have the competitive advantage.
Verimatrix, as a long-standing guardian of revenue from video services, is now well positioned as a specialist in the integrity of personal data collection and the associated data warehouse. Visit us at IBC2017 booth 5.A59 to learn more and download our latest paper today at www.verimatrix. com/dataprivacysurvey.
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|Title Annotation:||NEWS & VIEWS|
|Date:||Sep 1, 2017|
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