Many say the Cambridge Analytica scandal sparked a great data awakening by bringing to light the ways in which some companies were amassing and monetizing personal data about their users. As a result, Facebook was recently slapped with a record $5 billion fine and new privacy checks following a year-long probe by the US regulators into the Cambridge Analytica scandal and other data privacy breaches.

As The Verge pointed out though, Facebook had previously settled similar charges in 2011, but such slaps on the wrist don’t seem to be an effective deterrent. While a $5 billion fine sounds highly punitive, many in the industry doubt that this would solve the privacy problem overnight. (Especially when you consider that Facebook made $22 billion in profit alone last year.)

This isn’t a problem that is exclusive to the giants of Silicon Valley. In Europe, hefty fines have also recently been meted out to British Airways and Marriott for data breaches. As data protection complaints have doubled year-on-year, regulators will be getting tougher on companies to ensure their compliance with GDPR (General Data Protection Regulation).

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MONETIZING DATA WHILE MAXIMIZING PRIVACY

Better privacy for individuals doesn’t mean it’s bad for business. On the contrary, companies can use this opportunity to establish trust with customers while becoming more thoughtful and innovative about their approach to data monetization.

Here are the three key factors organizations need to know about monetizing their data while respecting privacy and complying with regulations:

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Full Text： DATACONOMY

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