The only thought that stops us from using social media platforms like Facebook and Google is the data privacy and its worth. But what if, Facebook, Amazon and Google are compelled to tell the worth of your data? Yes, it might be possible. This question is being raised by two US Senators Mark Warner and Josh Hawley this Monday. They are introducing a bill which might force big tech companies to disclose the value of data to the individual user.
Introduction of Planned legislation-DASHBOARD
This will be titled as- Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data Act, acronym-DASHBOARD. This act will help the consumers to understand what all private information they give up when they click on “I Agree” and the real value of this data.
How will it work?
- This bill would compel the big companies which have more than 100 million active users per day to disclose the type of data they extract from the user.
- They will have to provide an evaluation of the total value data once every 90 days.
- They will also provide the aggregate value of the user’s data to the Security & Exchange Commission annually.
- This bill also directs the SEC to develop methods for calculation of the total value of user data.
- The companies must also provide the users with a setting with the help of which they can delete all or a part of their data.
The other side
On the other hand, tech companies are reluctant to provide this information. Some have argued that they cannot quote an exact figure in dollars for the value at which they sell the data.
Whatever the result may be, but these senators have definitely made a big move to provide the users with the rights they deserve. They closed their statement with a bottom line, “This senator’s patience is wearing very thin. It’s time for these companies to put their money where their mouth is.”
For more updates, stay tuned with us!
