Managing Privacy

Abstract

How many privacy policy updates does your credit card company send you each year? How many of them do you read through — and how many get immediately trashed? Companies often “manage privacy” and “keep consumers informed” by drafting their privacy policies as broadly as possible and consider their job done if they change the policy 10 times a year to fit with changing practices within the company. However, there is a difference between informing consumers and respecting them. Managing privacy should not be seen by businesses as a burden. Instead, it can be a valuable way to generate and maintain a good relationship with your customers. Companies should view the establishment of a framework of consumer privacy controls as a key marketing and strategic variable that conveys considerable benefits.