Big Tech data collection is being targeted by the world central bank group

London: A paper released by the world’s leading umbrella group of central banks, the BIS, called for individuals and companies to have greater control over the data collected about them by social media and others. great technology businesses and banks.

The boom in internet-enabled cell phones, apps, and other high-tech gadgets over the past few decades has led to an explosion of personal data that businesses now collect, process and sell.

the Bank for International Settlements (BIS) released Thursday said that while most countries already have some data usage laws, most people were still unaware of the stakes or their rights to their data.

Authorities should therefore adopt new data governance systems to “equalize the conditions of play between data subjects and processors,” the document states.

They should require companies to obtain clearer consent to collect the data, better explain how it was used, and make it easier for those from whom it was collected to access.

“When data is shared between data providers and data users, the data governance system should specify which data is required for sharing, how long it will be kept by data users and who will process it,” the paper states.

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The BIS’s role as a hub for major central banks underscores how much hype about stricter data rules is now spreading.

Current controls differ widely. Although the European Union’s General Data Protection Regulation (GDPR), which entered into force in 2018, is generally considered to be the most comprehensive, it is believed to still have problems.

Other parts of the world are much less advanced. The United States, for example, where most Big Tech companies are based, does not yet have general consumer privacy laws, but instead relies on a patchwork of state and industry rules.

The paper says data subjects also lose because their information often gets blocked in silos or corporate platforms after using an app, website or service.

In turn, companies can then combine that data with other attributes such as income and education to derive insights and forecasts, thus creating “derived data” often considered more valuable.

Young people and less well-off people also tend to be denied the loan due to lack of previous credit, while if they had full access to their data online, it could be used instead.

“Young people take time to accumulate tangible guarantees and the poor may never acquire sufficient guarantees,” says the newspaper. “These low-margin, high-risk consumers are not cheap to reach in the traditional system without access to digital data sharing.”

He added that any new governance system should meet the following five standards.

(i) purpose limitation: ensuring that the purpose for which the data is shared is described in clear and specific terms.

(ii) data minimization: share only the amount of data strictly necessary.

(iii) limitation of retention: ensure that data is not shared for a longer period than necessary.

(iv) limitation of use: ensure that data is used only for the purpose for which it was shared.

(v) operational resilience: ensuring that data is secure.

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