As the world becomes increasingly digitised, companies are amassing large amounts of data and increasingly reliant on it to fuel their businesses. The phrase often uttered is"data is the new oil", thought to be coined in 2006 by British mathematician Clive Humby.
In October 2018, advocacy group Privacy International published an article highlighting its concerns about the data Lenddo collects through Facebook. On the flip side, author and tech entrepreneur Antonio Garcia Martinez dismissed thinking of data in the same way that one regards oil, or suggesting that people should receive"dividends" when companies use their data (as California's governor Gavin Newsom has done). This shows a misunderstanding of how Internet giants like Google operate, said the former Facebook employee in a WIRED article.
Insufficient focus on data privacy - the control of how personal data is used - imperils not just individuals but the startups themselves. In the book 99 Privacy Breaches to Beware Of, authors Kevin Shepherdson (CEO of Singapore-based data privacy software and consulting firm Straits Interactive), William Hioe and Lynn Boxall discuss how lax data privacy practices could throw a wrench into a startup's plans.
"The Google policy on a lot of things is to get right up to the creepy line and not cross it," he had said, implying that the company would not do anything considered too insidious. Near co-founder and chief revenue officer Shobhit Shukla says the company only shares aggregated analytics information with customers and partners. Additional steps it takes to ensure the data's privacy, security and authenticity include stripping the data of any personal identifiers (known as"anonymising") and hashing it.
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