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Who Controls Your Data In 2022?

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Who Controls Your Data In 2022?

Data hacks are an increasingly growing problem in modern society. Centralized entities control too much user data, creating siloed environments of great interest to nefarious people. Solving this problem will require a radically different approach involving more modern distributed technologies. 

Large-scale Data Hacks Become More Apparent

It is anything but surprising to see a steep increase in the number of data hacks over the years. Society continues to transition to online services and platforms. In exchange for accessing these platforms and tools, users must share their personal information. Companies store that information but may remain subject to security issues, exposing this data to hackers and other criminals.

Notorious examples of data hacks include:

  • Adobe Systems Incorporated (2013): 152 million records were accessed by nefarious third parties.
  • Airtel (2019): 320 million records were leaked due to poor security by the company.
  • Australian National University (2019): Hackers took off with 19 years of data stored in the University’s database
  • Canva (2019): The company suffered a hack and exposed 140 million records to attackers.
  • eBay (2014): the popular marketplace was hacked and 145 million records were affected in the process.
  • Exactis (2018): The data broker’s poor security resulted in hackers acquiring 340 million records
  • Facebook (2013,2018,2019): The leading social network has suffered from five incidents, mainly due to poor security or “accidental uploads”, resulting in exposing over 860 million records to date.
  • Target Corporation (2013): A crafty hack allowed attackers to acquire 110 million records.
  • Yahoo (2013): Three billion records were hacked from the company.

All of these examples have one common trend: they affect large corporations harvesting consumer data. Some do it for advertising purposes, whereas others gather data through user signups and other means. Overall, the siloed approach maintained by these firms makes them a target for hackers. Moreover, the bigger the company, the higher the chance of human error – like Facebook’s uploads – or poor security. 

Databases Aren’t Secure

Even though companies can store many different ways, using a traditional database remains popular. It is easy to set up, records update automatically, and filtering data is straightforward. Moreover, IT teams can implement various security measures to keep the database safe at all times. Unfortunately, those measures may not always prove sufficient. 

Additionally, backups of this database may exist in the cloud. It sounds like a good solution, but it isn’t. The cloud is just another computer, controlled by a third party. Furthermore, that computer – or server – may be subject to security flaws or exploits, potentially leading to data hacks. 

What Information is At Stake?

When data hacks occur, attackers can occur a variety of user details. it all depends on which information the company stores on behalf of its clients and whether those details are stored in the database or through an external partner. Common examples include:

  • Full name
  • Address
  • Phone number/email addresses
  • Passwords
  • Financial information (payment cards, bank details, PayPal email address, etc)
  • Social Security Number
  • ID Number/documents
  • And more.

Culprits can perform many nefarious dates, even when they obtain a full name and address. For example, victims can become subject to fake offers via physical mail, have their address targeted for orders paid for with stolen credit cards, etc. When more data is obtained, there is a risk of dealing with fake invoices, payment requests, having one’s phone number ported through SIM swapping scams, and many other potential incidents. 

Unfortunately, consumers have little or no control over their data in the current online landscape. It is necessary to share certain details to access services. Additionally, there is no compensation for users parting with this information, even though that approach seems archaic today. Modern technologies can provide a necessary solution to the security aspect and grant users more control. 

Empowering Users Through Blockchain

Big data is a booming business, but it can only work if the siloed approach is addressed. One way of achieving that goal is through blockchain technology. A blockchain is a distributed ledger that removes the central point of failures, like databases, from the equation. Companies like Profila leverage this modern technology to empower users and create new monetization opportunities. 

Through Profila, users retain control over their personal data. If they decide to share it with brands, they will receive compensation. That approach benefits brands, too, as they receive more actionable and accurate data from individual users. In addition, providers exploring personalized experiences for their users will see merit in this approach. 

Revenue-wise, Profila uses two distinct methods. First, brands pay for customer data and insights to receive the accurate data they need. Additionally, brands deliver paid content and advertising through marketing channels. Consumers receive a share of 50% or more of the ad budget spent on the platform. 

The use of blockchain technology allows for broader incentives to behave honestly. Brands have an incentive to collect user data and optimize personal experiences. Additionally, consumers can share their data with as many – or few – brands as they want. They also receive financial compensation for it, keeping everyone honest and fueling the accurate data market. 

Conclusion

Finding a solution to data hacks has proven challenging. Blockchain technology is the solution, as it addresses all security and centralization concerns. Moreover, it introduces two-way systems for consumers and brands to interact and unlock benefits. The era of siloed personal data and lack of consumer control over their information will come to an end sooner rather than later. 

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