Consumer data privacy versus the data economy concern has had recurring attention and does not seem to stop. There are too many occurrences of loose transfers of consumer data. From a consumer perspective, it appears it has been ignored as a result of the cycle of benefit and compromises, along with the cyber vulnerabilities, and with all the active forces involved in the data economy ecosystem. Data culling and gathering is needed for consumer profiling, which raised another spectrum of issues.
Industries have organized to propose notions of self-regulation to forestall heavy handed regulation of data. It has also been a way to fill the void of slow government efforts and the inability to keep abreast of innovation. The industry entities across the economy have emphasized their privacy policies and instituted forms of common practices deemed as measures addressing the need to enhance privacy and the management of data collected.
Addressing the heightened concerns over privacy, organizations are deeming themselves bound by their own privacy policies, as a means of imdemnifying their practices. Inherent in most privacy policies is the initiative to allow consumers to have some semblance of control and discretion over their data. The notion is that by giving the consumer some say, entities reduce their own liability. Offering the option of “do not track” approach by government and many entities, is one such measure sought to allow consumers to exercise discretion over personal information.
The balance between consumer data privacy and the data economy can best be seen through industry efforts, their instituted policies and practices as the first line of defense along with their training of personnel and their application of data governance auditing. In practice, industries may positively contribute through their self-regulation initiatives as they may be best suited to respond to the intrusive innovations that compromise data and best suited to develop measures to allow for more consumer control over their data. The idea of self-regulation and not government-imposed mandates addresses the balance and provides a way so that advertising revenue is not impinged.
Seldom acknowledged is the availability of the Internet as it is fostered and populated by material that is supported by ads; otherwise, the Internet would be a costly endeavor for anyone to access and use. So, ads drive the revenue stream supporting the free access, so-to-speak to the Internet’s vast information.
The consumer data privacy concerns are far from being assuaged nu options and the balancing efforts. Yet, the active participants in the data economy ecosystem are possibly best suited to forestall any gains by cyber attackers and the harms they impose from data breaches. Nevertheless, a balance must be reached between consumer data privacy and how digital consumer data is transferred among stakeholders in the credit and lending, marketing, information management, and technology-based industries.
As the cloud process continues to be so prominent with remote access centers driving data storage and data processing of consumer private information, there needs to be greater attention to ensure that the cloud does not get too cloudy with consumer data privacy breached and unethical data sharing. Unfortunately, as privacy concerns clash with the need for data and the utility of data in the economy, the balance will most probable be drawn with litigation driving the issues home and create a reasonable balance between the two.