In the News
Is your personal data financial benefitting someone else? In 25% of Workers Would Give Away Data for £1000, Phee Waterfield at Infosecurity Magazine discusses a new report which found that companies and their employees still prioritize their financial gain over preserving customer privacy and transparency. Waterfield explains that about 50% of employees would sell company data for a monetary payment despite the increased demands for customer privacy and transparency in corporate practices. Waterfield emphasizes that this data reflects a low loyalty among many employees.
Our Take
Companies and their employees have been taking advantage of the trust consumers place in their company when they input personal information into their accounts. Consumers assume that all companies will do what is right and secure their information to the best of their availability. However, we are seeing time and time again that consumer privacy is not the main priority of many companies and their employees. Despite the obvious moral issue with not reporting a data breach or selling data that is not yours to sell, the larger societal problems is that this practice is becoming normalized. Companies and their employees are acting in a self-serving manner, and consumers need to be aware of this reality to take action themselves to protect their data.
Recommendations
How can you protect the privacy of your personal information?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Use safe password practices, and take advantage of Multi-factor Authentication where possible
- Utilize additional security/privacy measures and settings on apps, accounts, and platforms whenever possible
- Research and read a company’s data privacy practices prior to utilizing their services
- Know your rights when it comes to data storage both on a company and legal level