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The coming wave of data privacy compliance challenges

Joe Mont | November 26, 2018

Forget Bitcoin. The most common and profitable “virtual currency” today is personal data.

It is no small paradox that social media users—and there are billions of them globally—are willing to share the most intimate details of their life online, yet balk at the suggestion that those details will likely be shared and sold. The economic reality, however, is that data collection and analytics is, in large part, how giant tech companies have continued to grow and prosper.

The regulatory-free ride of monetized data collection, however, may be coming to an end.

The shot across the bow was the May 2018 implementation of the European Union’s General Data Protection Regulation.

Designed to bring EU data protection laws into the digital age, GDPR harmonized existing rules among member states to enhance consumer protections. It allows consumers and others to know what data a business possesses on them, empowering them with the right to demand its deletion.

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