How can companies strike a balance between utilizing customer data for personalization and safeguarding individual privacy in an increasingly data-driven world?

Companies can strike a balance between utilizing customer data for personalization and safeguarding individual privacy by implementing strict data protection measures, such as encryption and anonymization techniques. They can also obtain explicit consent from customers before collecting and using their data for personalization purposes. Additionally, companies can be transparent about their data collection practices and provide customers with the option to opt-out of data sharing. By prioritizing data privacy and security, companies can build trust with customers and ensure compliance with data protection regulations.