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Hong Kong

Firms see bottom line in need to protect privacy

Better data protection can lead to increased customer satisfaction, conference hears

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Why you can trust SCMP
Sunny Cheung Yiu-tong, Chief Executive Officer of Octopus

There's a silver lining to privacy scandals that have tarnished the reputations of businesses worldwide - they have prompted many to reconsider their approach to data protection.

That was the view of some of the corporate world's data-protection pioneers, who gathered for an international conference in Hong Kong last week.

One message of the conference was that companies are starting to view data protection as not merely a legal requirement, but as a chance to provide customers with good service and maintain their trust.

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Key to this new approach is the emerging role of the data protection officer.

As the chief executive of Octopus Holdings, Sunny Cheung knows more than most how hard it is to regain the public's trust. Before he took over, the smart-card issuer became mired in controversy in 2010 for collecting excessive personal data from 2.4 million cardholders and selling the information.

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"Legal rights do not save you from dissatisfied customers. Consumers always demand something more," Cheung said.

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