The Importance of Transparency and the Value of Consumer Data

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When the California Consumer Protection Act was signed, the importance of private consumer data became a trending topic and many businesses took note. Company transparency suddenly became a very big deal and people wanted to know what was being done with their data.

Why Free Isn’t Really Free

Some businesses offer a “no-cost” service by utilizing user data to post relevant advertisements. Many consumers understand that their information is basically being used as currency, but some people are unaware of the importance of their data or concerned about the security of their personal information.

Before the CCPA is implemented in 2020, more and more consumers will discover just how their data is being used and how valuable their information really is. The reality is that customer info is often used in exchange for services. Most Americans are used to these products and services available across the web and as convenient mobile apps.

What “I Agree” Really Means

Businesses using personal data as currency means that free isn’t actually free. Sure, free sites and apps might not cost any money, but you’re giving up information in exchange for access to those services. Consumers have different opinions on the use of their data, but whether they’re for or against it, this is a data economy.

Many users click “I Agree” without reading all of the fine print and as such, don’t really understand what they are agreeing to give up. Transparency in business is extremely important to consumers and companies have a responsibility to disclose how they use data and protect user information.

We live in a connected world and details about our lives make their way online everyday. Now that the value and importance of user data is common knowledge, services and users have to work together to create a successful relationship.

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