Implications of Data Privacy among Business and Customers

Abstract

Data privacy refers to the safeguarding of personal information from those who shouldn't have access to it and the freedom of individuals to control who has access to their data. Instead, this study argues that customer data vulnerability—or a customer's perception of their susceptibility to being harmed as a result of different uses of their personal data—is a crucial concept for privacy literature because it influences how customers react to businesses' attempts to collect and use their data. Both primary and secondary methods are applied in the process. Structured questionnaires were given to the residents of the Chennai area using the primary data approach. Secondary data has used articles, journals, and different forms of the Internet. This study's main goal is to find out how data privacy impacts businesses and consumers alike. This study investigates consumer responses to corporations collecting and using their personal data. Firms need to be more transparent in data collection to eliminate consumer fears about secureness of data & privacy breach, the firms also need to give customers control over how much data being shared by them so that the inverse effect for the firms can be reduced. Finally, firms need to be more transparent in using of consumer data & need to introduce highly secured algorithm & AI to avoid any privacy breach problems. Consumers also need to develop more knowledge regarding data privacy policies.