The Switzerland-based Bank for International Settlements (BIS) has issued a statement urging businesses and citizens to take a tighter grip on data collected by social media and other big tech companies.
The document states that with the boom in mobile devices with access to the Internet and functional applications, the amount of personal data has increased dramatically, which has become a commodity – technology companies collect and sell it. Most countries already have laws regulating the collection and use of personal data, but citizens do not know that they have a right to this data or what is at stake in this respect.
The BIS proposes to implement new rules on data management: citizens and organizations should give more explicit consent to their collection, receive more complete reports on their use and also have easier access to the information collected. As the facilitator of central bank cooperation, the BIS sees the tightening of data processing rules as a top priority.
National legislation is seen as the most important obstacle to the implementation of this task. In 2018, the General Data Protection Regulation (GDPR) came into force in Europe, which is considered the most comprehensive regulation in the world. And in the USA there is no uniform law – there you have to deal with different industry rules.
According to the BIS, the following theses should guide the creation of national standards for working with data:
- Purpose limitation – the purpose of data collection should be clearly and specifically described;
- Data minimization – only necessary data should be collected;
- Retention period – data should not be kept longer than necessary;
- Limitation of use – the data should only be used for the purpose for which it was collected;
- Operational security – data must be secure.