The Internet is becoming more expansive and more complicated at the same time. That’s the theme of the annual Internet Trends Report from Bond Capital.
First presented on stage at the Vox / Recode Conference in early June, the report describes the massive digital economy of today, comparing it to a data firehose for consumers, businesses and regulators with all the challenges in tow.
At the same time, the data economy’s integrated and critical nature makes the companies that store this information particularly vulnerable to cyber-attacks. On the subject, the report notes, “We are in a new cyber security era where technology issues are increasingly mixed with international diplomacy & defense.” This duality is present throughout the 333-slide report with risks and rewards that seem to accompany every metric.
For example, after years of rapid technological adoption, rates are beginning to slow with consumers becoming more aware of their internet usage and taking steps to reduce it as privacy becomes an increasingly valuable commodity after years of unbridled participation in the digital economy.
Bond Capital’s analysis highlights the importance of harnessing customer data to create a compelling user experience with built-in sales opposition, in addition to detailing emerging trends about media consumption and digital platform involvement. It found, for example, that the vast majority of consumers prefer brands offering customized offers. Moreover, 83 percent are willing to passively share data in exchange for a personalized experience.
This data analytics emphasis places businesses at odds with their customers and even shifts regulatory sentiments. Although there is a plateauing number of people concerned with privacy, the regulatory landscape is only accelerating. The global regulatory framework is far from unified, making matters more complicated, which means that companies operating on a global scale will have to be diligent about compliance.
With privacy playing a prominent role in the landscape of technology, businesses are forced to balance these priorities without compromising either.
As Frank Bien, CEO and Looker’s president writes in the report, “Data is now critical to how people work and the most successful companies have smartly integrated it into the daily workflow of everyone. Data is the new application. “While companies have a critical mandate to protect this information, while protecting the privacy of their employees, they are entrusted with the complicated responsibility of both data protection and intellectual property. As a result, approximately 80 percent of organizations turn to some form of monitoring software to secure this data.
It is obvious that the digital economy of today will continue to proliferate, becoming both more prominent and more complicated along the way. For companies navigating this landscape, they need to be prepared to effectively manage the coming data deluge. This includes designing systems to make this information useful and developing protocols to ensure that it is protected. With both regulatory standards and consumer sentiments demanding excellence on both fronts, organizations certainly need to assess their standing on each of these priorities.
This article was originally published on IT Security Central.