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Jasmit Sagoo, senior director, Northern Europe, Veritas Technologies:

“In just 15 years, Facebook has revolutionised the way that consumers not only create and share data, but also how they expect businesses to store and process it. The business was founded on encouraging users to share data on themselves, in exchange for more information on others. Facebook built a mutual relationship of trust with users, who were more than willing to share all their data with the tech giant.

“In exchange, Facebook used this data to build a disruptive business model. Through mass data collection, Facebook is able to truly understand its users, offering them personalised experiences that cater to their individual preferences.

“However, times have changed. For businesses built on data, caution is the watch word of today. High-profile breaches and the introduction of the GDPR last May have got people thinking. Consumers are now far warier of what data they are giving away and how it is safeguarded, even if they feel like they are getting something in return.

“In the modern data economy, businesses have two responsibilities: firstly, to understand their customers, and secondly, to properly protect their data. This isn’t simply a noble act on behalf of your customers: our research found that poor data protection can have a negative commercial impact – 56% of consumers would dump a business that fails to protect their data, and 47% would abandon their loyalty and turn to a competitor.”