The World Economic Forum just conducted a study, in conjunction with The Boston Consulting Group, entitled, Rethinking Personal Data: Strengthening Trust which suggests that a declining sense of trust throughout the personal data ecosystem is jeopardizing the long-term potential to deliver socioeconomic value.
Based on my recent attendance at a Millennial marketing conference, I see little concern, among millennials, for their personal data regarding internet use or shopping habits. This is something they’ve grown up with and have come to expect.
I would expect older generations to become more comfortable with this as well as they increase use of the Internet to simplify their lives.
Security of personal data (i.e., identity, financial and medical) is a very big concern given the havoc wreaked by, and the cost of addressing, identity theft.
Here are five questions the World Economic Forum suggests we consider:
- Who owns personal data?
- How do we protect individual privacy?
- How should rules for usage be formed and what is the role of context in establishing permissions?
- How should organizations that use personal data be held accountable, both for securing data and for adhering to the agreed-upon rules?
- What is the role of regulators given the global flow of personal data?
Given the amount of personal data requested today by doctors, hospitals, financial institutions and potential employers, both online and off-line, it is imperative that these institutions be held to a very high standard for both securing data and adhering to agreed upon rules.
Any institution that is responsible for someone’s identity being stolen should be held responsible for all of the costs related to the theft, as well as proactively helping the individual regain control of their identity.
What are your thoughts about trust and online data?