Killi Ltd (CVE:MYID) (OTCQB:MYIDF) CEO Neil Sweeney wrote a column that appeared in InformationWeek on January 21, arguing that new privacy legislation is changing the data landscape for businesses and consumers alike.
The Killi leader cited a survey from PWC, in which 85% of respondents said they wished there were more companies they could trust with their data. What’s more, 60% said they feel that their privacy has been compromised by coronavirus-related location tracking.
“It’s clear that consumers have become more aware of how their data is collected and used, and now they’re looking for answers from the government and the corporate world as to how they will be protected,” Sweeney wrote. “A big amount of this responsibility falls on businesses and their IT teams, who will be tasked with making serious efforts to improve data security for customers, whether it was a part of their plans or not.”
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The General Data Protection Regulation (GDPR) in Europe and the California Privacy Rights Act (CPRA) have “set the stage for a new era of privacy protection for consumers,” Sweeney wrote. “Whether we are prepared or not, there will be a global shift toward strict data privacy rules in the coming year.”
The CPRA shifts the power of consent to consumers around how businesses manage their data. This is a big win for consumers, Sweeney noted, as just about every major data company in the financial market has holding operations in California.
“As these regulations bring in a new era of transparency that is more customer-focused, secure, and profitable for all, businesses that rely on data should recognize that the paradigm around data has shifted for consumers,” Sweeney wrote. “The comprehensive marketing and advertising ecosystem led us to believe that data is cheap, when in reality, it is extraordinarily valuable. The value of data will continue to rise in conjunction with consumer awareness, and, as the world is more digitally connected, it will usher in a new era of data privacy and management.”
Killi lets consumers earn passive income for their data. By creating a profile via the group's website or mobile application, users can make money by giving Killi access to their information, which it in turn sells to other companies. From there, the company pays out a data dividend every week.
Killi is currently available online or via iOS or Android in five countries.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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