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CEOs Pledge Privacy, While Consumers Weigh the Trade-Offs: CEO Daily

Good morning,

This is Katherine Dunn in London, filling in for Alan. On Day 1 of Fortune’s Brainstorm Tech conference in Aspen yesterday, the same word—somewhat unsurprisingly—cropped up again and again: “privacy.”

As consumers have invited technology deeper into their homes and handed over samples of their DNA, companies are rushing to reassure clients that privacy comes first.

Speaking on stage, Margo Georgiadis, CEO of Ancestry, said that consumers need to be aware that different companies have different privacy policies, and highlighted the new Coalition For Genetic Data Protection, which Ancestry formed with Helix and 23andMe. Othman Laraki, CEO of genetic testing company Color, echoed her comments, saying that the whole industry sees privacy at the top of the agenda.

Meanwhile, when it comes to smart homes, Jamie Siminoff, the founder of smart doorbell company Ring, said privacy underpinned the trust clients have in Ring’s products. 

But even in the tech world, there are those who think keeping your distance is a good idea.

“I actually don’t have any smart devices in my house because I’m pretty paranoid about security,” John Hanke, CEO of video gaming company Niantic, told the audience. “The surface area there seems really porous and vulnerable.”

If consumers are aware of the risks, does that mean they’re actually worried?

Not as much as you might think, according to Mark Mahaney, managing director and lead Internet analyst at RBC Capital Markets. In a survey of 3,000 people, the company found 49% have made no adjustments to how they use tech despite backlash over privacy breaches at major tech companies. They understand the trade-off—and it’s worth it, he said.

“As we keep going through this cycle, we’ll see fewer and fewer people concerned about privacy,” he said.

The livestream of Day 2 of the summit—featuring Land O’Lakes’s Beth Ford, Intel’s Robert Swan, and Quibi’s Jeffrey Katzenberg and Meg Whitman—begins at 11:15 a.m. ET. You can watch it here.

More news below.

Katherine Dunn

katherine.dunn@fortune.com

@katherine_dunn

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This edition of CEO Daily was edited by Katherine Dunn. Find previous editions here, and sign up for other Fortune newsletters here.