How can companies strike a balance between maintaining data privacy and leveraging data for innovation and growth in today's data-driven business landscape?

Companies can strike a balance between maintaining data privacy and leveraging data for innovation and growth by implementing robust data protection measures such as encryption, access controls, and regular security audits. They can also prioritize transparency with customers about how their data is collected, stored, and used to build trust. Additionally, companies should ensure compliance with data privacy regulations such as GDPR and CCPA to avoid legal repercussions and maintain customer trust. Finally, adopting a privacy-by-design approach when developing new products and services can help companies embed data privacy into their business processes from the outset.