Emerging technology has vastly outpaced corporate governance and strategy, and the use of data in the past has consistently been “grab it” and figure out a way to use it and monetize it later. Today’s consumers are becoming more educated and savvy about how companies are collecting, using and monetizing their data, and are starting to make buying decisions based on privacy considerations, and complaining to regulators and law makers about how the tech industry is using their data without their control or authorization.
Although consumers’ education is slowly deepening, data privacy laws, both internationally and in the U.S., are starting to address consumers’ concerns about the vast amount of individually identifiable data about them that is collected, used and disclosed.
Data ethics is something that big tech companies are starting to look at (rightfully so), because consumers, regulators and lawmakers are requiring them to do so. But tech companies should consider looking at data ethics as a fundamental core value of the company’s mission, and should determine how they will be addressed in their corporate governance structure.
The info is here.
