When the data is poorly used, the damage goes beyond the simple fact of seeing unwanted advertisements. People can be confronted at higher prices, unfair loan decisions or even the denial of job opportunities. Stolen data can also cause fraud or identity theft. Person’s confidentiality and safety can be at risk when sensitive information fall into bad hands.
For companies, being caught using data can damage their reputation, lead to significant fines and make customers lose confidence. The cost of solving these problems is often much higher than simple data protection in the first place.
Companies take advantage of personal data in many ways that are often hidden from the public. The data is collected quietly, sold and used for advertising, prices, insurance, loans, etc. – All without clear consent in many cases. Recent examples show that large and small businesses participate in these practices.
While the new laws and fines are starting to push, the problem remains widespread. Better rules, more transparency and a stronger application are necessary to ensure that the data is used fairly and with an appropriate permission. Until then, personal information will remain a precious resource exchanged behind the scenes, often without the knowledge or the approval of people.
