Apr 23, 2015
Special to The Globe and Mail
In the meantime, more companies are turning to data to get to know their customer base. There are also certain businesses, known as data brokers, which collect personal information about consumers and resell it to other organizations.
“Data is a form of currency right now,” says Adam Kardash, a lawyer and partner at Osler, Hoskin & Harcourt LLP, who specializes in privacy and data management.
“We are in a new data environment with an exploding number of companies that, in one way or another, are data companies.”
Kardash says many of his clients come looking for ways to leverage data they collect, but in a way that is both legal and ethical, to maintain their customers’ trust.
“There is a perception out there that I think is a little torqued, that it’s a Wild West frontier. It’s not accurate,” he says.
Kardash says companies that both use and sell data need to be wary of how they use it, or face backlash from the public, which can be a major blow to their reputation, and revenues.
“The moment you start using highly sensitive data in a way that might not be trusted by the end user is the moment the product is no longer in existence,” Kardash said.
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