Why Privacy Might Be The Hottest Product of 2021
Why Privacy Might Be The Hottest Product of 2021

It's time to value your privacy, or someone else will

That is too much privacy for me- I don't like having control over my privacy - said no one ever -

So why do we still easily grant companies our data without our consent? The answer is simple - because they don't want you to. The world’s most valuable resource is no longer oil, but data.

You don't need to own oil or gold today to be powerful, all that's necessary are your data and the knowledge on how to control and distribute them.

Why Does Privacy Matter So Much?

Well, some might argue about the value of privacy. There are the privacy worshippers, who value seclusion and never post on Social Media nor seek many acquaintances, and the ones who are relatively opposite to them, called “Influencers”. They like to get exposed, share all of their moments with followers and yes, the more publicity they get, the better.

Companies don't work any differently. They turn your data into their money.

Bella Hadid via Shutterstock

Privacy and Data breaches like the TikTok or Facebook & Cambridge Analytica breach have become an opportunity to raise awareness about the importance of privacy for people and businesses.

All of our activities leave a trail of data. That means if you like to wander through the internet at 3 AM, BigTech platforms like Google or Instagram don’t sleep, they track and store all the data you went through to further analyze the behavior of their product for future deals and customers.

BigTechs don't want you to know their main product is… you. They sell your data to third companies without your consent (it’s a lot of scarier, we will tackle this topic in the next article). For now just remember: If you’re not paying for the product you are the product.

…BigTechs don’t want you to know their main product is… you.

Cybergem’s Opinion On Data Privacy:

(Gen Y is represented by a Data Strategist, Gen Z is represented by a student and tech-enthusiast)

Y: As a Data Executive, I see what are the possibilities of using data to improve customer convenience and customer experience. But as a saying goes, with great power comes great responsibility and often a lot of companies do not behave responsible in terms of how they use the data about customers or data in general. As I pointed out in previous articles data literacy is in decline and customers are literally clueless about the possibilities of using the data for or against them. This might change in the upcoming years as we see more and more data scandals, leaks, which got pretty detailed media coverage. Therefore I believe that privacy will be a hot product in upcoming years, both from the customer perspective and also from the companies that want to be responsible. We see indications of this movement from BigTechs like Apple, which might sound like hypocrisy, but their foresight is on spot. Think about it, would you be willing to pay a premium, e.g. for a bank account, when you know that you will not receive any “personalized” campaign or that your data are not used at all? It is no brainer yes for me.

Z: More than 40% of people worldwide feel they lack control over their personal data, according to a survey by McAfee, and 1/3 of parents have no clue on how to explain online security risks to their children. That means the whole Gen Z is at the risk of having very little power of knowledge in data literacy. As a fresh High School graduate the term Privacy vs Publicity is all around me and fellow peers- all the time. I have been struggling to find a balance between these two for as long as I can remember. What I've realized is the publicity is way cheaper in user experience than heightened privacy options. The same applies to products and services to me. If the company can't give me some level of freedom of privacy I won't use it. As the word Privacy was a hot topic to discuss at CES 2020, I am highly positive the world will hear more about Privacy issues BigTechs are experiencing. There might be some big changes coming as people/customers get more literate in the Data Privacy sphere. The best defense you can possibly do to stay “safe” from hackers and unnecessary data breaches is not posting sensitive data about you if needed.

How Companies Turn Your Data Into Big Money

Companies monetize your data and are making money like bandits. Google generated $41.2 billion in revenue in the Q1 of 2020 alone. You are the product that Google and Facebook monetize. Their entire revenue model falls apart if they are not able to sell your data to advertisers.

via Shutterstock

Not only is your data taken from you, but it is also used to influence your behavior. That's what are ADs for.

They slowly but surely customize you, not the other way around as it is broadcasted to the public. “It's a gradual, slight, imperceptible change in your own behavior and perception that is the company's product” — said Jaron Lanier.

How Do I Protect My Privacy?

CyberGem's advice:

There are some effective ways on how to protect your privacy:

Check twice on what you're posting or sharing with others (so it doesn't backfire on you in the future)

on what you're posting or sharing with others (so it doesn't backfire on you in the future) Encrypt your emails and messages (There's a tutorial on all of them, just click on the marked words)

your emails and messages (There's a tutorial on all of them, just click on the marked words) Browse in incognito or private mode (DuckDuckGo's search engine is a great way on how to surf the internet without hidden trackers scooping up your personal information)

or private mode (DuckDuckGo's search engine is a great way on how to surf the internet without hidden trackers scooping up your personal information) Read the terms of services before using a product (At least read the dumb Cookies when you enter the website- and disable as much of them as possible)

before using a product (At least read the dumb Cookies when you enter the website- and disable as much of them as possible) Ask why others need your information (Last but definitely not least)

Conclusion:

The world’s most valuable resource is no longer oil, but data. Companies work with your data more than you might think. At the end of the day, it's your data they turn into money. Our goal is to enhance the importance of data literacy and this is one of the times we say: Treat your data delicately as you would yourself, just like you wouldn't tell your blind date your home address and credit card information just because you find them appealing. Risky Business is a great strategy sometimes but this ain't it; Don't overshare your data, don't give them away so easily.

via Shutterstock

Do the “boring” sometimes: read cookies or terms of service, turn off the personalized Ad experience, encrypt your messages with apps like Signal or Threema, make sure you turn off the App & Web Activity on your apps, and for God's sake- don't use the same password everywhere!

Everyone should understand the basics of data privacy and learn how to protect themselves. Don’t fool yourself for thinking that data protection laws will keep you safe.
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['Privacy', 'Data', 'Technology', 'Education', 'Social Media']