Some concerns have surfaced as we progress further into this era of cutting-edge technology. The issue is whether you should be compensated for your information. If businesses are making money off of your preferences and information, you should share in that success. Ads on Facebook, for instance, can be tailored to your specific interests. However, you won’t benefit financially from advertisers’ use of this data to reach people who share your interests.
Your data is valuable
Your information is indeed valuable. In fact, the value to the businesses that collect and sell it is in the billions of dollars. Google, Amazon, Facebook, and TikTok are just a few of the well-known companies competing for your private information. But they aren’t on their own. Companies or individuals known as “data brokers” collect personal information from consumers and then sell it to third parties like marketers and businesses.
The more personal data these corporations collect, the wealthier they become. Considering how much time most of us already spend online due to things like telecommuting and social media, the problem of online privacy will only worsen. This is a once-in-a-lifetime chance to get paid for something most of us are already creating: data.
Currently, only a handful of states in the US have laws in place that give users the right to decide what personal information is shared with the websites they visit. How much do we really need to care about companies selling our personal information? According to estimates, US businesses spent $19.2 billion on data acquisition and analysis in 2018.
Could selling data help Americans?
Inflation has made life more difficult for millions of working Americans. On top of that, there has been no increase in the minimum wage in decades, but selling private information presents a new possibility. Similar to a physical fingerprint, our personal information can be used by others to identify us online. AI is only making this process more in-depth.
Most, if not all, of our online behavior is collected and analyzed by various algorithms from multiple companies. Information about our online habits is sold to third parties by companies or data brokers.
When considering the multi-billion-dollar industry that has developed around the acquisition, processing, and selling of individual data, the fact that none of this wealth has trickled down to the people actually creating it is striking. That’s when the old internet adage about how “if you’re not paying for a product, you’re the product” actually applies.
In a time when millions of Americans are struggling to make ends meet, it seems obvious that compensating people for the data they already generate would be a win-win situation. Some of the money made from selling data should go back to the people who generated it, even if it’s just a small percentage of the total. Yes, you should definitely be compensated for your information.
What are corporations saying?
Many tech companies have improved their data collection and are more transparent in response to public concerns about privacy. Google, for one, now gives people the option to view and delete the data the search giant has collected about them. Companies are generally more transparent about their business practices than they are about compensating users for their data. It’s safe to assume that all of us have willingly given up personal information in the countless Terms and Conditions we’ve always read.
Class-action settlements for the improper handling of customer data are the closest thing to consumers being compensated by Big Tech for their data. The good news is that you don’t have to sit around and hope that Big Tech or Congress will change their tune.
Many organizations promise assistance in making money off of your data. But keep in mind the stakes before seeking their advice. Information about an individual’s financial transactions, medical history, or criminal record are all examples of personal data. If you decide to go with one of these firms, it is imperative that you perform extensive due diligence on them first.
