This is an interesting post, and is an important one to think about. We need to remember that although now we've got lax data privacy / retention laws, it's only going to get more user-focused and protect everyone more (which is universally a good thing!) but that we need to make sure we're architecting things in the right way to handle this.
Also, while you're thinking about this - have a read through some production logs and wonder "what could a bad actor do with these? Could they phish a customer? Could they steal their identity? Or are these so useless that we may as well not be logging anything at all?"
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