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Privacy as business model

Blog: NASSCOM Official Blog

Definition of personal data has been closely linked to the ability with which an individual can be identified. For that very reason, such information is quite valuable and will continue to be collected, stored, handled, and processed at a large scale. Having said that, its ever-growing collection has been posing significant risks to individuals and enterprises. In particular, it can lead to the loss of an individual’s privacy, financial damages, discrimination, marginalisation, or the exclusion of individuals and groups. These challenges are giving rise to new business models that are based on letting end users take full control of their data. Some of such initiatives could include:

Of all the fundamental rights, the Right to Privacy is possibly the most complex. While the global debate on this topic has evolved over the last few years, there is still no universally accepted definition of privacy. However, there is now an increasing alignment on the potential risks associated with lack of it- especially in the digital age when people share a lot of personal data online. Looking at the future, there are multiple possible pathways that could lead to different further evolution. Irrespective of the approach we take, coordinated efforts need to be made to build each pathway on the core principles of transparency, fair value, informed consent and accountability.

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