Transaction data is like a friendship tie: both parties must respect the relationship and if one party exploits it the relationship sours. As data becomes increasingly valuable, firms must take care not to exploit their users or they will sour their ties. Ethical uses of data cover a spectrum: at one end, using patient data in healthcare to cure patients is little cause for concern. At the other end, selling data to third parties who exploit users is serious cause for concern.2 Between these two extremes lies a vast gray area where firms need better ways to frame data risks and rewards in order to make better legal and ethical choices. This column provides a simple framework and three ways to respectfully improve data use.
Trust is a business asset. If you borrow against it, you can quickly become overdrawn. Earning consumer trust requires you to consider:
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