It is estimated that EU data market was worth $70B in 2016, with prognosis to reach as much as $120B in 2020. Such a trend raises many questions, especially with the General Data Protection Regulation (GDPR) coming into force last month.
With so many radical changes going on, one has to wonder how does technology fit into this. On the one hand, such regulations hinder its advance, as they restrict free information flow and sharing. However, like many times throughout history, technology keeps finding its way despite all troubles and barriers. Therefore, businesses should keep a close eye on current trends and use the opportunity to harness its potential.
Major changes, major players
On the first day of the EU’s enforcement of the GDPR, Austrian lawyer Max Schrems filed $8.8 billion worth of lawsuits against Facebook, Google, Instagram, and WhatsApp. The lawsuits allege that these two companies (Instagram and WhatsApp are owned by Facebook) are “forcing consent” on their users by providing no other options when it comes to data sharing.
The GDPR will continue to have considerable impact on apps like. It will also create many legal obstructions that will hinder the inner workings of online companies big and small. However, despite the legal disputes ensuing from this lawsuit (that is ongoing), both Facebook and Google agreed to comply with the new set of regulations stipulated by GDPR in general, marking a new chapter in the digital era.
The Great privacy update
The GDPR demands that any company utilizing their users’ data must get consent and inform them of how they’re using it. Some companies even introduced user-controlled encryption to prove their credibility. And while it may cause unforeseen costs and delays, these last-minute corrections have contributed to an increase of jobs and positions hired to carry out such a task.
The Emergence of Pay for Privacy
Laws have been playing catch-up to the advancement of technology for a while, and these regulations out of the EU are the first step in making sure privacy regulations are here to stay. However, as GDPR is an EU regulation, US companies have the option to cut off all ties to European data rather than comply. And that’s precisely what one publication has done.
Instead of outright banning EU readers from their site, some websites decided that the GDPR might provide an opportunity to make a little money. By allowing readers to purchase an “EU Premium Subscription,” users will have access to an utterly tracking-free experience in which all monitoring will be turned off. Which seems logical, because if you can have data privacy as a service, why not do a service that’ll charge visitors to grant them total privacy?
As technology moves on and brings many answers, yet even more questions, it’s imperative for all digital businesses and services to stay alert and keep up. If you can’t beat the system, why not join it? Or at least use it to your advantage.