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To leverage the opportunities provided by the Internet of Things, product-based companies are exploring new data-driven business opportunities. These opportunities, however, are likely to be missed due to data privacy challenges. These challenges start with the customers of product companies, extend to the wider business ecosystem, and continue with the companies themselves. This article identifies 12 data privacy challenges and introduces 12 measures to address them. These include intuitive recommendations such as enabling cross-product consent collection, as well as, less intuitive measures such as fostering a ‘can-do attitude’ in legal units, closing the gap between legal and business initiatives, or implementing a clear process for well-reasoned risk-taking. The following four principles were found to support companies in implementing these measures: i) letting privacy and data-driven business go hand in hand, ii) putting customers first and turning their privacy preferences into opportunities, iii) aligning risk-management activities with the process of digital service development, and iv) using technology to professionalize legal processes.
Schäfer et al. (Thu,) studied this question.