Privacy Innovators Poised to be more Profitable

Last week, the Information and Privacy Commissioner of Ontario (IPC) released its strategic priorities for 2021-2025. Near the top of the list was children and youth in a digital world – vowing to champion the access and privacy rights of young people and hold organizations accountable for protecting those rights.

Stark. But not stunning. The new IPC regulator is a prominent and respected former officer from the Office of the Privacy Commissioner of Canada, and the OPC is known for its advocacy of children and youth privacy. What is new and refreshing is that in a world of consumers becoming privacy self-aware, children are being made a priority. Privacy rights and the need for informed consent are reflected through recent legislative measures at all levels, including children and youth.

What the Regulators are communicating loud and clear is that the consumers of tomorrow will be “in the know” about their privacy rights and that they will be a more influential consumer. And it’s not a barrier to profitability.

What’s the alternative to monetizing data collection as the primary means of building wealth? Differentiation: make better products that more people will use because they like what you have to sell and trust that you are not selling “them.”

According to the 2021 Cisco Data Privacy Benchmark study, the tides are shifting on the benefits of putting privacy first. On average, companies investing in privacy and improving their privacy posture were seeing a 1.9x return on investment. These returns were in the form of a 68% reduction in sales delays, a 74% improvement in enabling innovation and a 76% improvement in building customer trust.

An example directly related to the IPC statement on strategic priorities is in the ed tech sector. Gamification is a key concept in educational software design and is a growth market

  • Game-based learning for kids is predicted to have annual growth of 21.4% from 2019 – 2024.
  • Ubiquitous accessibility of mobile technology has enabled increasing use within classrooms (55% of students use smartphones in classrooms, 64% use smartphones for their homework, and 65% use laptop computers to do their homework)
  • Virtual reality-based learning games have the highest growth rate among all educational game types through 2024 at 51.9%.

But there is a clear link between game elements like leader boards and certificates and the collection of personal information. Innovative companies recognize the convergence of these trends and are shifting their business models to be more attuned to the protection of personal information as a market advantage.

Do you want to get ahead of the curve? Make a smart investment in privacy and be more fun, teach more kids, and make more money. We can help. Check out our Practical Privacy Playbook at: Managed Privacy Canada

Have questions? Email us at: info@managedprivacy.ca

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