Fear and Loathing in Data Monetization: How Privacy Officers Can Help Organizations Responsibly Monetize Their Data

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Presented at IAPP 2014 by

Nathalie Holmes

Marcus Morrisette

According to Booz & Company, revenue from monetizing data could represent up to $300 billion per year in the next three to five years in the financial sector alone. With the unabated growth of consumer and health data, privacy officers are in the midst of challenging executive discussions, as finance, sales and marketing functions look for new ways to drive revenue, growth and margin into their organization using their data assets. Here, you’ll explore a risk-based framework for not only examining the opportunity of data monetization, but also the legal and situational context for its use. The framework outlines the essential conditions by which data monetization can be considered as a valuable revenue stream, all the while ensuring legal and reputational considerations are taken into account for its resale. What you’ll take away: · The key business drivers of data monetization · How organizations are justifying the business case for leveraging their data assets for resale · A risk-based framework that identifies the appropriate conditions and context for monetizing data · Critical steps that privacy, sales and marketing functions can take to determine whether their data assets should indeed be sold