An Ounce of Prevention and Hidden Costs

Author: Clarip Director of Sales

An old adage holds that “an ounce of prevention is worth a pound of cure.” While noble in its intent, this adage is oftentimes at odds with our basic understanding of human nature. Sure, we all know that we should eat better and exercise more to ensure a healthy life, but none of that seems to matter when one of your co-workers brings in homemade muffins! Such is the reality today for most retailers in the B2C retail space as it relates to customer privacy and consent. Allow me to explain in more detail –

As I look at my watch today, I realize that the imposition of GDPR is only weeks away and yet, according to recent analysis, most firms are either unprepared and/or unaware of the responsibilities therein. Even those companies that have begun to prepare lament the “onerous” nature of the statute and its array of requirements. As the Director of Sales with Clarip, however, I am here to tell you that this one of those instances where the aforementioned adage could not be more true – prepare now or pay heavily at a later date, both in lost revenue and other “hidden costs.”

I was reminded of this reality at 2 separate times this week, both involving automobiles. Firstly, as my wife’s lease is up on her car soon, she and I have begun the dreadful task of deciding whether to buy her car outright, buy a new one, or merely lease. In all instances, what concerns me are the “hidden costs” – those costs, such as repair, upkeep and maintenance that do not appear on the sticker price.

The second instance was in reading an article about Lyft, the ride-sharing app and an accusation of “customer privacy” violations – http://www.bbc.com/news/technology-42827636. The article talks at length of how Lyft has been accused of “dirty tricks,” but for me, the line that caught my attention was, “Uber will be subjected to privacy audits for the next 19 years after it was discovered its God View allowed Uber employees to trck intricate details about customers’ journeys.” That’s right — in an article about Lyft, I read about UBER’S VIOLATIONS! Talk about hidden costs – that type of copy is enough to permanently damage a company’s long term valuation and image!

At Clarip, we are revolutionizing data privacy. AI based, Clarip is a full-service data, privacy and consent management. We can help you with that “ounce of prevention” and protect you from all those “hidden costs” associated with protecting customer privacy. For CPO’s, CISO’s and General Counsel’s, the reality is that the law is here to stay and you should start preparing NOW! The total cost for not doing so, both in lost revenue and reputation, is far too great! For assistance, please visit us at www.clarip.com.

More from Clarip:

Are you ready for the new CA privacy law? Start preparing compliance efforts with Clarip for the California Consumer Privacy Act. Enforcement starts January 1, 2020 so better start planning funding in your 2019 budget now.