Innovative technology – from the canoe to the cotton picker – has shaped humanity for millennia. The advent of the digital world has set humanity on a yet another path. As technology becomes a part of our daily lives, companies and governments worldwide seek to obtain as much data as possible. Some speculate that data will replace oil as the world’s most valuable resource.
Facebook Data Breach
The world is still grappling with the recent Facebook data breach that unraveled a couple of months ago. The scandal revealed how UK-based political consulting firm Cambridge Analytica illegally obtained the personal data of over 50 million Facebook users. Further, there is evidence that the personal data was manipulated to influence these individuals, whether for economic or political reasons. Too soon to know, we can guess this event could have huge global ramifications on the ethics and operations of companies and governments across the world.
What GDPR Means for Data Privacy
The enforcement date of GDPR, perhaps, couldn’t have come at a more appropriate time. As with new technologies in the past, this regulation aims to protect. Protect stakeholders. Protect EU citizens. Protect privacy. Organizations will have to rethink ways in which they can obtain, use, or pass along personal data. The EU is leading the way in data privacy with GDPR.
GDPR, Facebook, and Its Impact on US MNCs
With large tech giants like Facebook, Google, Twitter, and more, along with EU’s GDPR, the moves of the US will also guide the world’s data privacy path. The Facebook data breach found the US government stepping in on behalf of its citizens and the 50 million Facebook users around the world. Companies are now under greater pressure to act ethically with their users’ and employees’ personal data. However, we will have to see how the government can balance data privacy without stifling innovation.
GDPR’s reach is far and wide and the consequences faced by GDPR violators are making the world sit up and take notice. It is forcing companies to be accountable and proactive. It looks like GDPR could be the standard template for data privacy laws internationally, but only time will tell.
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