How can companies effectively balance the need for data privacy and security with the desire for innovation and digital transformation in today's rapidly evolving technology landscape?

Companies can effectively balance the need for data privacy and security with the desire for innovation and digital transformation by implementing robust data protection measures, such as encryption and access controls, while also fostering a culture of compliance and accountability. They can also invest in advanced technologies, such as AI and machine learning, to proactively detect and respond to potential security threats. Additionally, companies should prioritize transparency and communication with customers about how their data is being used and ensure that privacy considerations are integrated into all stages of product development.