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Cross Post: What If Banks Were the Main Protectors of Customers’ Private Data?

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Written by Carissa Véliz

Dr Carissa Véliz, Oxford Uehiro Centre research fellow, has recently published a provocative article in the Harvard Business Review:

The ability to collect and exploit consumers’ personal data has long been a source of competitive advantage in the digital economy. It is their control and use of this data that has enabled the likes of Google, Amazon, Alibaba, and Facebook to dominate online markets.

But consumers are increasingly concerned about the vulnerability that comes with surrendering data. A growing number of cyberattacks — the 2017 hacking of credit watch company Experian being a case in point, not to mention the likely interference by Russian government sponsored hackers in the 2016 US Presidential elections — have triggered something of a “techlash”.

Even without these scandals, it is likely that sooner or later every netizen will have suffered at some point from a bad data experience: from their credit card number being stolen, to their account getting hacked, or their personal details getting exposed; from suffering embarrassment from an inappropriate ad while at work, to realizing that their favorite airline is charging them more than they charge others for the same flight.

See here for the full article, and to join in the conversation.

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