New White Oil is Your Data
In 2016, the European Union issued the General Data Protection Regulations, whereby the new regulations give protection to individuals’ rights, and then applied in May 2018 that include:
• The client abilities to ask companies, banks, and commercial stores the details of the information that they keep him.
• If there is a misuse of this information, individuals' have the right to approach to an independent oversight organization to investigate, and that can be done either individually or collectively.
• Individuals have the right to transfer their information and data from one company to another competing without any cost
• Individuals have the right to request erasing and cancel their data if there is no longer an acceptable need to keep it.
• Organizations must ask permission before using any personal data, such as e-mail to identify their products or to market their activities.
European Union imposed deterrent financial penalties in the event of violations amounting to 4 percent of total revenue or 20 million euros, whichever is greater.
Today, data is described as "white oil", whereby whoever owns it can make accurate decisions, which are less expensive and more influential on individuals or public, so that it will achieve very large profits and profits for companies in this century.
As we observe and analyzing the list of the 10 most expensive companies in the world. We obviously will see that about eight of these companies are technology companies; most of them are companies that have huge market value only because of the data that its owner; Such as Google, Facebook, Twitter, etc., and these companies continue to access the largest possible amount of personal information.
The more the company can access additional information about the person, it was able to form a clear and comprehensive image of him by doing this, you can target it more precisely, as thus increasing the market value of this data further, But the problem is not in knowing these companies about our personal data.
The issue is about the negative side of that, as when these companies are able to obtain additional information, they will be able to direct our opinions, capabilities and culture in the manner that you want it without knowing or feeling about that.
One of the World Economic Forum's publications predicted that in the near future, the available data due to the development of the digital economy and its products would increase by 40 zettabytes, or 40 thousand billion of billion (number 40, with 21 zeros).
The data industry is developing amazingly and very quickly in terms of collection, tabulation, preservation, analysis, and issuance of statistics and reports.
There are many entities benefiting from the "white oil" data. As for the Corporations help them in building strategies that targeting the markets, manage their businesses and raise the quality of their products, which lead it increase their profits.
As for governments, they can be used and help in planning, formulating public policies, following them up and targeting the beneficiaries of them.
As well that many people are interested in him being one of the knowledge tools that help them to make the right decisions and improve their life.
Farhan Hassan Al Shammari