In the wake of increasing awareness about #privacy and many countries implementing this as a basic right, it’s important to keep “Privacy and Data security” as a key feature of any product design. Especially in #FinTech, Aggregator or Platform business. Technology giants or even small companies who are not implementing it right now will be fined heavily/suffer later once the gaps get discovered. You just can not get away with it.
But, Is Amount of fine to breach trust, lesser than the Benefit/Profit it gives to the defaulters? If YES, then chances are that defaulters will earmark some funds for the fine and continue to use data for business.
“When any fine is lesser than profit/comfort, it becomes incentive in long run”.
But anyways when the trust goes off it will take a huge cost to get that back may be at the cost of the entire business. Someone wrote Apple phone sells not only because of Technology but also due to more secure systems than rivals. If that is so, there is an opportunity and a softer aspect of product design called “Privacy and Data security”.