A paper published by the world’s main central bank umbrella group said that while many countries already have some laws around data use, most individuals are still not aware of their data rights or the risks that come with the unregulated use of data.
The advent of smartphones, digital technologies, software applications and network connectivity has led to a dramatic expansion of consumers’ digital footprints, turning data into a valuable commodity. In this context, social media giants, Big Tech firms and banks have been able to harvest, process and sell user data with little oversight.
In order to ”level the playing field between data subjects and data controllers," authorities should adopt new data governance systems, the paper said.
These would include requiring firms to get clearer consent to collect user data and improving communications with users about the use of their data, as well as allowing customers to easily access the information...