Two US lawmakers propose a law “DASHBOARD”. This would force the giants of the web to calculate and reveal the value of the personal data they collect, for the sake of transparency.
Your personal data is much more valuable than you think. For many years, tech giants like Google and Facebook have let users believe that their services are “free”. In reality, instead of paying with their money, consumers pay with their data .
However, the lack of transparency prevents users from knowing precisely what information they provide, with whom they are shared, and especially how much are these data for the companies that collect them. To remedy this problem, US lawmakers Mark Warner, Democrat Senator from Virginia, and Josh Hawley, Republican senator from Missouri, just presented a new law: Designing Accounting Safeguards to Help Broaden Oversight And Regulations on Data (DASHBOARD) .
This law would apply to service providers with more than 100 million active users per month . It would impact only the giants of the web such as Google, Facebook and Amazon. These companies would be forced to reveal what personal data they collect and how that data is used.
The DASHBOARD law would force companies to calculate the value of the data and to reveal it
In addition, they would be required to provide an annual report indicating the total value of the data collected internally or through third parties. If the law is passed, the SEC would develop a methodology to calculate the value of the data.
If the law is passed, consumers would also be able to demand the deletion of their data. We could therefore speak of a US-style RGPD , aimed at giving consumers control over their information and ensuring better data protection and transparency.
However, the notion of calculating the value of data is totally new . It joins the proposal made by California Governor Gavin Newsom to force GAFAM to pay Internet users a dividend on the revenue generated from their data …
With this law, consumers will be able to understand the true value of the data they provide to businesses and will likely be tempted to ask for their percentage. In addition, this measure would stimulate competition and allow regulators to identify potentially anti-competitive practices.