This is something to think about as we approach the day the GDPR goes in to effect in the EU:
“One of the requirements of GDPR is that, even if a company obtains customer consent to use their personal data, that data cannot be processed or used for any other purpose other than that for which consent was given. If they wish to do so, they must state how the data will be processed and for what purpose, when obtaining consent. This will help ensure, for example, that if a customer permits Google to use their browsing data to personalize their search results, they won’t subsequently receive an unwanted text from another company using their search history to sell them a product.
The potential implications of this for a data-driven economy that depends on our ability to find new ways to extract value from masses of user information are worth considering. “
When we stop and think about how many companies actually don’t make money on their customer facing product, but rather by selling the information they have access to through those products, this is a potential game changer for the way those companies will work and deal with data. How will losing that revenue hurt? How will the US respond to these rules? Will US consumers start looking for the same protections? Will AI and Big Data as industries see a huge cut in expectations?
Or will nothing of any significance happen? At least right up until someone gets seriously punished for failing to follow the rules?
What do you think?