It's no secret that big tech companies like Google, Facebook and Amazon hold lots of user data, which is then marketed to advertisers -- that's how they make money, duh.
But reports suggest that as per a new US law, tech companies like Google, Facebook and Amazon will be forced to reveal how much individual user's data is worth to them.
If we are getting free services in exchange of being the product, it's about time we knew the product's (aka our own) worth in the eyes of big tech companies. That makes sense, doesn't it??
US Senators Mark Warner and Josh Hawley think similarly, as they are introducing a bill that would require transparency and full disclosure in a digital internet age where tech firms use people's private information to make billions of dollars in ad revenue.
If the bill becomes law, it would mean big tech firms like Google, Facebook, Amazon, Twitter, and others?sending individual users a report every 90 days on what information is collected by these respective tech companies, and how much it is worth to them, according to a Business Insider report.
The planned legislation will be titled the Designing Accounting Safeguards to Help Broaden Oversight and Regulations on Data Act, or simply DASHBOARD, according to an Axios scoop.
Reuters
Google, Facebook, Amazon are some of the biggest companies on the planet -- not just in tech -- and it's all because of user data being sold to advertisers. And with hacks, privacy scandals and other issues, the custodians of the data have been exploited in the past.
It's about time they were answerable to their users, no?