Companies like Facebook and Google are using personal data for profit, but according to a new survey, the majority of Americans think it is unethical to share personal information without a person’s consent or compensation.

Insights Network is a Cayman Island-based data exchange that allows consumers to control their data by interacting with brands securely, and the consumers are financially compensated for that information. In a recent survey the firm conducted of 1,000 consumers in the United States, the firm found that consumers want to see more transparency and regulation when it comes to data sharing.

While increased transparency was important to the respondents, the majority in the survey wanted some compensation for sharing their data. Seventy-nine percent felt they should receive payment for data, and 72 percent would feel better about sharing data in exchange for some form of incentive.

Facebook profits from selling personal data to advertisers, according to Privacy Trust, an online privacy advocacy group. “By utilizing the vast amount of personal data from the 1.71 billion active users, the social media giant can tailor adverts to suit your situation,” the organization says on its website. “This type of targeting is extremely beneficial for advertisers, who are willing to pay a premium to ensure their ads get seen by the right people.”

Privacy Trust, which has offices in London and New York, offers updated regulation news, privacy certification for websites, and other resources for privacy regulations on its website

Sixty percent of those in the Insights Network survey were familiar with the recent Cambridge Analytica/Facebook data scandal. Forty-five percent have considered deleting at least one of their social media accounts, and 12 percent ultimately deleted an account, the survey said. Seventy-eight percent of respondents’ deleted accounts were Facebook profiles. (Cambridge Analytica reportedly filed for bankruptcy on Thursday in the wake of the scandal.)

Ninety percent of those surveyed think it’s unethical for their personal data to be shared without consent, and 65 percent said they were uncomfortable with their data being shared for business to make a profit. Security and personal data were a concern for 68 percent of survey respondents.

Seventy-seven percent of those surveyed did not feel that more transparency throughout the data sharing process was an issue, but preferred to know which company requested their data. Eighty-five percent of survey participants believed they should be notified when their personal data was being shared.

Meanwhile, the European Union’s General Data Protection Regulation (GDPR) goes into effect on May 25, 2018. This regulation requires companies to follow consumer data protection rules or face penalties.

The regulation impacts any business that interacts with a European business or individuals, and protects consumer data including IP addresses, cookie data, social security numbers and other personal information, according to CSO, a Massachusetts communication network affiliated with media company IDG that provides information on cybersecurity threats for IT security professionals. The regulation will give users more control over their data and allow them to withdraw consent and request access to it, including the export of data outside of the European Union, according to Privacy Trust, which provides guidance to companies and individuals to ensure they are complying with the GDPR.

First « 1 2 » Next