One of the biggest topics of 2018 was the use of personal data. While it isn’t a secret that corporations around the globe have been after consumer data, recent comments from a leading QC may provide context on how sought after this data truly is.
Dean Armstrong QC is a proponent of companies being transparent with users about how they plan on handling their personal data.
The Telegraph recently spoke with Armstrong on this issue:
“It has got intrinsic value and it’s a major resource now. If you have someone’s data you can become that person. You can have control over their bank you can have control over their email address. Companies are the custodians of data and they must use it in a way that is proper.”
Armstrong even goes as far as comparing data to oil in an effort to highlight it’s growing value. He also warns of using smart devices, especially home devices like Alexa, which he claims pulls in data from everyday commands and orders.
The QC is calling for an open line of communication between company and consumer that clearly discloses what the data is needed and used for.
“The consumer has to understand, as a company I have to explain what I am going to do with your data and why I need it. If I use it for a whole different purpose then you have not really given consent.
What You Can Do
Even with data regulations like GDPR being placed into effect, it may be a while before the communication that Dean Armstrong is calling for becomes a reality. For the time being the best thing you can do is make an effort to protect your personal data.
At ScoresMatter you can follow our guides on how you can better manage your personal data. Our tools let you learn and manage the way you are perceived financially and even see if criminals have compromised your data on the Dark Web.
Tap into the digital you at ScoresMatter, today.