DATA SECURITY
“In God we trust. All others must bring data.” By Caryn Smith
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t is not a new topic, and often it’s misunderstood, but it is one that has some automotive recyclers taking a second look. Data is the new currency – the most valued of all information. As they say, information is knowledge and knowledge is power. Data is the writer of the future, and the story gets told pretty accurately based on data’s previ- ous predictable patterns.
Your electronic data, personal and business-related, contains the digital DNA of you, your business, your cir- cle of influence, i.e.: friends, family, peers, employees … dare we say … customers. For each of these groups, your data includes personal preferences, buying habits, financial information, and more, for the whole bunch – but most of all of you, and your company. Every business owner, at minimum, should under- stand how data works. What is done with the knowl- edge is your preference. Unfortunately, there is no magic wand to make this all stop. Technology drives life and business. Data is here to stay, and will only get more invasive and even
step on more toes of our rights to privacy. The un- answered societal question is, who owns the data and what do they do with it once it is passed willingly? The good news is, for now, it still is your data, either for your business or yourself. And there are measures all of us can take to protect what is ours.
A Mainstream Example
The easiest way to explain data is to share an exam- ple. Have you ever wondered how Facebook gets its massive company value? It’s a free platform, after all. It’s not so much from advertising and post boosts. It’s biggest asset is user data. Marketers pay a pretty penny to obtain this information we all give so freely, which feeds the “personalized” marketing experience. When you look at a website or product, and then you notice it now popping up in your feed, you’ve been marketed. A mainstream example of the value of data was ex- plained in a 2018 Inc. magazine online blog by Jeffrey Barrett, CEO of Barrett Digital. “How is data is chang- ing competition? Uber’s new credit card isn’t a play to get in the financial space. They want your restaurant data and they are willing to give you 4 percent cash back to get it,” he observes. “Why? So they can know what you like and create ‘ghost kitchens’ [restaurants with no brick-and-mortar presence] for Uber Eats. Uber can create dozens of pop-up restaurants on the
January-February 2019 • AUTOMOTIVE RECYCLING
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