Privacy as a Service (PaaS)
Most of us have some kind of data profile online and, in light of several high profile security breaches, we are increasingly concerned about what happens to our data.
Press coverage of huge companies like Facebook and Google and their activities with user data have led to the development of platforms that aim to show users what is happening to their online data. This development has been spurred on, in part, by the Edward Snowdon case which shocked US Citizens and raised increasing concerns about the commercial use of their data.
Within Europe, privacy has a much higher visibility which culminated in the adoption of the GDPR (The General Data Protection Regulations) which aim to protect the general public from the misuse of their private data. In the US, it seems that the public has also started to become more aware of the need to have rights over their data.
The data market is huge, with a worth of around $18.2 billion. Until mid-January 2018 telecommunication providers were routinely selling user location without customer knowledge or consent. It seems that there are plenty of financial, telecommunication and other companies that are looking to get in on the data market. Data has become a commodity particularly for cellular services who want to find a way to use the data without upsetting the consumer.
However, the core mission of large companies is to make money not to ensure data compliance and this is where privacy as a service platforms come in. By engaging on the platform the consumer can see what information is being collected, shared and why. It allows the customer to set permissions and grant access according to what they consider appropriate. A rewards system is in place to encourage users to be open to products and services that interest them. Ultimately this means more privacy for the customer and the ability for a business to contact customers who have expressed specific interest in their product or service with a potential for higher conversion rates and increased reputation.
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