Most consumers care about their personal data privacy but don’t know how to: a) take back their data, and b) monetize their data. Not only are governments stepping up regulations to protect consumers, but awareness around the value of personal data is starting to proliferate across the media. As consumers realize the value of their personal data, they may be inclined to protect it and find a way to monetize it.
Here is what happens when we use social media, applications and websites. In exchange for free access, we provide (often voluntarily) details about who we are, what we do, where we are, our interests, apps we use, Internet pages we visit, who are friends are… you get the point. Companies create a profile about you from your personal data, which is then packaged by companies like Oracle and sold to brands and data companies. The providers of personal data collect fees for selling your info (Facebook made about US$30 per American and Canadian in Q1F19). Even the largest social media companies use third-party data to enhance their profile about you because you are not only a user and promoter of their platforms, but you are also their product.
They monetize your personal data, and you get squat. Worse, we know that many of largest companies aren’t good stewards of our personal information. Your data is circulating around the Internet and stored in data centers waiting to be hacked.
In Give it Away – The Million You Never Made, we’ll show how Freckle (FRKL-TSXV), a Sophic Capital client, has a data privacy-compliant application that will fill the void left by traditional data brokers that cannot meet regulatory requirements around the collection and monetization of YOUR personal data.
Download the full report HERE.
But wait – there’s more!
If you would like to learn about how Europe’s data privacy law caused one of the biggest collectors and vendors of third-party data to shut down its European business, read Sophic Capital’s Data Privacy – The Canary in a Coal Mine report.