Tech and mobile companies want to monetise your data … but are scared of GDPR
The vast majority of technology, media and telecom (TMT) companies want to monetise customer data, but are concerned about regulations such as Europe’s GDPR, according to research from law firm Simmons & Simmons.
It found that 78 per cent of companies have some form of data commercialisation in place but only 20 per cent have an overarching plan for its use.
Survey also revealed that 53 per cent of TMT companies think they need to improve their understanding of data privacy regulation. Meanwhile, just 31 per cent of respondents said they had updated their communication to customers on data collection and use in the last two years – despite a number offering financial incentives and offering a more personalised service to incentivise data sharing.