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Do You Know What Your Data is Worth?

by | Jul 12, 2019

Facebook privacy issues

Do You Know What Your Data is Worth?

Your data is more than your name, age, gender, and address. It is your Google searches, tweets, comments, time spent on videos and posts, purchasing behaviours, smart home assistant commands, and much more.

There is a new bill in the U.S. Senate, hoping to enforce technology companies to disclose the actual value of their data to their users. While this proposed law, seeks to further protect individuals’ privacy, prescribing a dollar amount to someone’s data is more difficult that it seems. Currently, evaluations range from $1.00 USD for an average person’s data to $100.00 USD for someone with an active social media presence. 

Data sensitivity doesn’t just come from the data itself, but also from how companies and agencies can use the data to exert influence. Author of The Support Economy: Why Corporations Are Failing Individuals, Shoshana Zuboff expands on this, as she claims that tech giants like Google and Facebook are practicing surveillance capitalism with intentions to shape consumer behaviour towards a more profitable future.

The truth is datafication, which refers to the processes and tools that transform a business into a data-driven enterprise, doesn’t affect everyone equally. Women, minorities and people with low-incomes are affected much more than the rest. Thus, the new proposed bill aims to address these concerns. 

Three Tips to Maintain Data Privacy for Marketers

A large chunk of a digital marketer’s time is spent understanding and working with consumer data. Marketers analyze consumer data daily, from click-through rates, to unsubscribe rates. The more data they have, the more powerful their personalization efforts become -from relevant product recommendations to a consumer’s preferred communication method.

Additionally, marketers must know and comply with privacy regulations, such as GDPR, HIPAA, and CCPA. Here are three tips you can use to prepare for new privacy regulations without sacrificing your digital marketing efforts:

  • Conduct regular data reviews to make sure company policies are up to date
  • Know how the data is collected, used, analyzed and shared
  • Use the right technology to gain insights from data while protecting privacy

Data Sharing in the Healthcare Field

When it comes to the use of healthcare data, many ethical questions arise. Who is responsible for the safety of health data? Who owns co-produced clinical trial data?  

“We owe it to patients participating in research to make the data they help generate widely and responsibly available. The majority desire data sharing, viewing it as a natural extension of their commitment to advance scientific research” (Source).

Researchers can develop new cures and speed up the innovation process with the use of data-sharing. However, data is not easily shared, especially in the healthcare field. To address this problem, several university researchers from universities such as Yale and Stanford are creating a set of good data-sharing practices for both healthcare facilities and pharmaceutical companies. They have also partnered with key stakeholders and end-users to ensure their guidelines have a well-rounded perspective. 

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