ID-Corner Digitalization,OpenID Why Businesses Should be Transparent about Data Collection

Why Businesses Should be Transparent about Data Collection

Trust is the foundation for success in business. Without trust, an individual cannot know if a company is telling them the truth. Consumers never trust a business that suppresses or manipulates personal information. If a firm has proven their data is secure, they submit it back to the company without reluctance. What’s next for Our Personal Data? The ongoing concern is how to monetize personal information while keeping it safe. Is the outlook for personal data, selling intelligence to online companies for a profit? Will data become a currency of the future?

Data privacy must be accelerated beyond targeted advertising. Consumers have the fundamental right to know what information is shared and where it is locked away.

Consumers know their personal information is being collected. As long as data sharing contributes to better products and services, customers enjoy the technology. A leading research firm, Gartner estimates there are over 5 billion connected “things” worldwide. The company forecasts that number to quintuple by 2020. Data privacy must be accelerated beyond targeted advertising. Consumers have the fundamental right to know what information is shared and where it is locked away.

Ethics and Targeted Advertising

With advancements in digital technology, companies accumulate vast amounts of consumer records. Connected products foster data collection. Most users realize their fitness equipment, and home thermostats collect personal data. However, they do not comprehend how much of their individual intelligence is being collected. Google’s Nest Thermostat adjusts home temperatures without user intervention. The device records how hot or cold you like your home, based on location and family routines. This information is then saved in the cloud for future use and targeted advertising.

Transparency must be the objective of companies collecting personal information. Experts agree, there needs to be a “privacy by design” business model. Consumers need the flexibility to balance their privacy settings. Business performance relies on the viability of their data. Great companies know where to uncover value in the data they compile and how to maximize that knowledge for profit. Digital advertising has grown into an intricate method of technology, targeting the most receptive consumers.

There are enormous opportunities for abuse. The Cambridge Analytica scandal emerged in March 2018. The Ensuing public outcry over how companies harvested data has changed Facebook forever. Other than the consumers affected, hardly anyone remembers the 56 million credit card identities stolen from Home Depot. Large-scale data breaches are becoming just another headline.

Quantum Computing

Enormous volumes of incoming data flows have allowed companies to confront the most complex challenges. Companies must have clean, trustworthy information. Authorization to access personal data should carry significant controls. As an example, doctors, environmental protection personnel and screened government employees should have unencumbered access to their systems.

The RSA scheme is used to protect emails, bank transactions along with the most sensitive personal data

The RSA public key cryptographic system is one of the most universally used encryption methods. The RSA scheme is used to protect emails, bank transactions along with the most sensitive personal data. Arvind Krishna, Director of IBM Research, has warned: “quantum computers will be able to instantly break the encryption of sensitive data protected by today’s strongest security.” Krishna says this could happen in as little as five years.

Since the 1980s, quantum computing has been acknowledged to be an excellent structure for handling massive amounts of numbers. However, building a quantum computer was not feasible. Advancements in materials and physics have produced significant discoveries. Large commercial quantum computers are now viable. The recent regulation passed by the European Union is a step in the right direction. The “General Data Protection Regulation” has revamped the way companies can interact with their users and how businesses collect personal data.