More and more businesses these days are collecting data from their customers, data like as names and email and snail mail addresses.
Such information is a valuable asset for business organizations as a closely guarded competitive advantage over competitors or as a source of revenue for sale to third-parties. Unfortunately, some businesses have discovered that, unless handled with care, consumer data can also be a significant liability.
While some businesses claim an “ownership” in collected consumer data, they must consider the ramifications of disseminating that data or selling it to third-parties. Businesses have obligations to consumers regardless of whether or not they own the information.
For example, consumer protection statutes do not protect the collected consumer data; they protect the consumers themselves. Further, unfettered dissemination of personal information would also destroy the trust that businesses are constantly trying to develop with customers.
Best practice tips:
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The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.