Hey,
As I mentioned in my previous post, I want start expanding the focus of my blog to more than just hockey; I want to explore the larger trends of data in society. So, for today, I thought it might be interesting to look at Facebook's Cambridge Analytica Scandal, alongside the European Union's General Data Protection Regulation (GDPR). As I want to give my perspective, I'm going to refrain from utilizing outside resources. Therefore, this post will include my knowledge and opinions of the subject. As a result, if there are errors, especially with information, feel free to question my stance.
Now, the good stuff. I firmly believe data is the greatest asset of the future. By that, I mean that not only is it translatable across industries, but it is seemingly the closest thing to a currency without actually being one. Let me clarify these two ideas. First, data is information, understanding, or knowledge about a human. It is knowledge that can be processed, combined, and analyzed in a variety of different contexts and for different purposes. For that reason, I believe it is one of the few assets available to users and companies that can be bought and sold across industries. Second, in a conversation with someone, my comparing data to a currency was criticized. However, I still stand behind my view. In terms of its use-ability across industries, I believe data is as close to being a currency without officially being one. Take, as an obvious example, Facebook - personally, I would never want to pay Facebook the $5 or $10 a month that they might charge me to use their service instead of having my data collected. I'm perfectly comfortable with the notion that my likes, clicks, and maybe even my Messenger conversations are being used to create a digital profile that can then be sold instead of my paying them for the same services. Data is a translatable and a currency. Facebook can turn around and sell my digital interactions to a clothing company, a food delivery service, or they can use it to better target NHL ads to me. Personally, I wouldn't mind a Summer of Ovi Barstool shirt popping up in my Facebook feed. That's why I stand firmly behind it when I clearly say, data is the greatest asset today and for the future. It can be bought, sold, shared, and analyzed in ways many, if any, assets can't be. That's also why having a grasp over it is incredibly important.
For the scandal and GDPR, I want to cover them together and look at their larger implications. Put simply, as at least I understand it, GDPR is a EU regulation governing the way companies handle user data by forcing them to provide clear details on how they are collecting and using your data. Additionally, users can request all their data for download or changing, and the company must respond within 30 days or face fines up to 4% of total revenues. I believe those two figures are right, but I apologize if I made a mistake; feel free to call me out if I did. I've already spoken about Facebook and data briefly in the other paragraph, so now for why GDPR is so important. Put simply, and once again my specific details might be off, Facebook's scandal revolves around a researcher's In My Digital Life quiz that was able to gain access to 50 million users' profiles, I believe, including friends of those who actually took the quiz. Facebook recently released a tool to determine if your data was taken, and, in fact, mine was. Great, I know. This researcher then sold the data to Cambridge Analytica, a firm working for President Trump's campaign. I want to pause for a second, as I try to determine my view of this scandal. I had a few conversations yesterday about data, and honestly, had I written this last night, my post would have probably have been very different. Here's what I'll say, I'm a techie, so my view is that if you're using a service that's taking your data instead of your money, which I'm fine with, you've need to be smart enough to make sure you're using every privacy management feature they have. You've got to control what you can and understand that beyond that, it's just the price of admission. Now, for my updated view. I think we're still in the very early stages of data. I think we're just scratching the service of how data will behave in our society, so while I, and, as it seems from their ads, Facebook as well, know they made a mistake, I think this scandal is just a hiccup as companies and consumers learn how to truly manage these troves of user data. I think the GDPR is a step in the right direction, as it will force companies like Google, Amazon, and Facebook to be more careful about their management of data. However, I also think it is too strict. As we are further engulfed in this data-based age, GDPR should help lay the groundwork for better agreements between users and companies that allow users to have a better control of what they're sharing, while companies won't face such harsh penalties, as they, especially Facebook, get better in their management practices. Obviously, as I said, we're still just scratching the surface, and I believe data will become more and more valuable in the coming years. I envision the scandal and GDPR to help create clarity in what seems to be a confusing data-based relationship between companies and customers, with companies being forced to provide between management controls, while also being given the understanding and trust of consumers to use their data freely for their best business practices.
Honestly, I love this, because all of this tension is demonstrating how important data is to our society. From shopping to hockey, obviously, data is and will continue to have a profound impact on the way business is conducted, and I can't wait to see where we go next. I hope you have a fantastic rest of your week, and pro-tip, courtesy of NPR: Cambridge Analytica on Facebook - here's the link to see if Cambridge Analytica accessed your data. I'm sorry if they did, especially if it's your friend's fault, as was the case for me.
Best,
Jonathan
As I mentioned in my previous post, I want start expanding the focus of my blog to more than just hockey; I want to explore the larger trends of data in society. So, for today, I thought it might be interesting to look at Facebook's Cambridge Analytica Scandal, alongside the European Union's General Data Protection Regulation (GDPR). As I want to give my perspective, I'm going to refrain from utilizing outside resources. Therefore, this post will include my knowledge and opinions of the subject. As a result, if there are errors, especially with information, feel free to question my stance.
Now, the good stuff. I firmly believe data is the greatest asset of the future. By that, I mean that not only is it translatable across industries, but it is seemingly the closest thing to a currency without actually being one. Let me clarify these two ideas. First, data is information, understanding, or knowledge about a human. It is knowledge that can be processed, combined, and analyzed in a variety of different contexts and for different purposes. For that reason, I believe it is one of the few assets available to users and companies that can be bought and sold across industries. Second, in a conversation with someone, my comparing data to a currency was criticized. However, I still stand behind my view. In terms of its use-ability across industries, I believe data is as close to being a currency without officially being one. Take, as an obvious example, Facebook - personally, I would never want to pay Facebook the $5 or $10 a month that they might charge me to use their service instead of having my data collected. I'm perfectly comfortable with the notion that my likes, clicks, and maybe even my Messenger conversations are being used to create a digital profile that can then be sold instead of my paying them for the same services. Data is a translatable and a currency. Facebook can turn around and sell my digital interactions to a clothing company, a food delivery service, or they can use it to better target NHL ads to me. Personally, I wouldn't mind a Summer of Ovi Barstool shirt popping up in my Facebook feed. That's why I stand firmly behind it when I clearly say, data is the greatest asset today and for the future. It can be bought, sold, shared, and analyzed in ways many, if any, assets can't be. That's also why having a grasp over it is incredibly important.
For the scandal and GDPR, I want to cover them together and look at their larger implications. Put simply, as at least I understand it, GDPR is a EU regulation governing the way companies handle user data by forcing them to provide clear details on how they are collecting and using your data. Additionally, users can request all their data for download or changing, and the company must respond within 30 days or face fines up to 4% of total revenues. I believe those two figures are right, but I apologize if I made a mistake; feel free to call me out if I did. I've already spoken about Facebook and data briefly in the other paragraph, so now for why GDPR is so important. Put simply, and once again my specific details might be off, Facebook's scandal revolves around a researcher's In My Digital Life quiz that was able to gain access to 50 million users' profiles, I believe, including friends of those who actually took the quiz. Facebook recently released a tool to determine if your data was taken, and, in fact, mine was. Great, I know. This researcher then sold the data to Cambridge Analytica, a firm working for President Trump's campaign. I want to pause for a second, as I try to determine my view of this scandal. I had a few conversations yesterday about data, and honestly, had I written this last night, my post would have probably have been very different. Here's what I'll say, I'm a techie, so my view is that if you're using a service that's taking your data instead of your money, which I'm fine with, you've need to be smart enough to make sure you're using every privacy management feature they have. You've got to control what you can and understand that beyond that, it's just the price of admission. Now, for my updated view. I think we're still in the very early stages of data. I think we're just scratching the service of how data will behave in our society, so while I, and, as it seems from their ads, Facebook as well, know they made a mistake, I think this scandal is just a hiccup as companies and consumers learn how to truly manage these troves of user data. I think the GDPR is a step in the right direction, as it will force companies like Google, Amazon, and Facebook to be more careful about their management of data. However, I also think it is too strict. As we are further engulfed in this data-based age, GDPR should help lay the groundwork for better agreements between users and companies that allow users to have a better control of what they're sharing, while companies won't face such harsh penalties, as they, especially Facebook, get better in their management practices. Obviously, as I said, we're still just scratching the surface, and I believe data will become more and more valuable in the coming years. I envision the scandal and GDPR to help create clarity in what seems to be a confusing data-based relationship between companies and customers, with companies being forced to provide between management controls, while also being given the understanding and trust of consumers to use their data freely for their best business practices.
Honestly, I love this, because all of this tension is demonstrating how important data is to our society. From shopping to hockey, obviously, data is and will continue to have a profound impact on the way business is conducted, and I can't wait to see where we go next. I hope you have a fantastic rest of your week, and pro-tip, courtesy of NPR: Cambridge Analytica on Facebook - here's the link to see if Cambridge Analytica accessed your data. I'm sorry if they did, especially if it's your friend's fault, as was the case for me.
Best,
Jonathan
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