Not a long time ago, I heard this wave coming into the lives of each and every entrepreneur or for that matter a digitally equipped business which said that “Data is the new currency”. Yes, data is a very vital aspect that requires focus because it lays foundation to all your present and future ventures and how you continue to reshape and innovate in the world where Technology has become a driving force for taking a lead in developing breakthrough creations.

Recently, a very big scandal broke out that involved Facebook. Yes, I am talking out the Facebook-Cambridge Analytica Data Scandal. This scandal involved data collection of 87 million Facebook users. The data was allegedly used to attempt to influence voter opinion on behalf of politicians who hired them. Following the discovery, Facebook apologized amid public outcry and fallen stock prices. The way that Cambridge Analytica collected the data was called “inappropriate”.

Well, I don’t wish to go into the details of the case and where and how it all unfolded but it shook the world and raised concerns for people across the globe making some people actually criticize technology all together.

That’s what happens when people really are unable to understand how things actually work. This should not come as another surprise for you but the fact of the matter is that anything and everything you are doing every second on your mobile or any digital device, you leave a digital footprint which can be easily traced, tracked and used either for you or against you. Then lets try and understand why Facebook-Analytica was such an issue.

Cambridge Analytica began collecting the data since 2014 “without the consent of the use”.  Well, no one would have known about all of this as we continue to not know what happens with the data we are leaking every single day but problem began when it was discovered that its being used for a political agenda and nowadays when politics comes into the picture then everything is wide open.

Okay enough with the past. Here is the update that I wish to talk about.

The European Union has a new law for protecting data privacy. It’s the General Data Protection Regulation, more commonly called the GDPR. It goes into effect in the EU’s 28 member states and hopefully this spreads out across the globe soon. The law changes the rules for companies that collect, store or process large amounts of information on residents of the EU, requiring more openness about what data they have and who they share it with.

A couple of hours ago, Mark Zuckerberg was live with Viva Technology and faced a interview in front of jam packed audience involving journalists and other key personnel as he has been doing for quite sometime now. He was asked about the implications this law would have on the business model of Facebook. Facebook heavily relies on the advertisement revenues that flow in. So, for that to happen data is a must. He replied very diplomatically and said that he and his team won’t be affected so much. He also said that now its important to give control to the user to let us allow if they want the use of their data.

Facebook still needs to continue to protect the data and be aware of where it is being channelized. Fundamentally, the use of data is very important to any agency as it is then able to provide you with the right kind of customization be it in terms of relevant ads or services/products tailored for your needs and preferences.

In conclusion, I would therefore say that with all that has happened and will be happening.. one thing to remember is that it has and will always be a two way transaction wherein a company like Facebook will only be able to serve you better if you allow it to access your data and insights but for that its important for any company to win the trust of its users and now that for once the trust has been broken..it will be hard to regain it. Currently the ball is the user’s court with the law favoring them as the demand for customer data protection grows.

A lot to learn from all of this and reshape the way we think. Technologies like AI can only benefit you if the trust is not broken this way the and thus responsibility has grown even more than before on the drivers of Technology.