Do you know the value of your personal data?
For your personal data, some companies are willing to pay huge amounts of money. That is why social networks exist, and not as you think, to provide you with a service. Here we give you some information that will make you rethink it.
The General Data Protection Regulation of the European Community establishes that users must give their express consent before their data can be collected. The EU rules on data protection are the strictest in the world. In the EU, the protection of personal data is considered a fundamental right. It began to be applied in May 2018.
He who has money spends it
At the beginning of 2023, five years after the regulation came into force, the European Data Protection Board (EDPB) set a goal of 414 million dollars for forcing its users to allow their data to be used for personalized ads. without your express authorization.
In addition to this million-dollar fine, which is not much for Meta, this company must ask its users if they accept that their data is used for personalized ads.
Meta has defended itself by saying that it did not need specific consent to display personalized ads, since there is a clause in its terms and conditions, which is a contract, which allowed it to circumvent the requirements of the GDPR.
He refuses because he could lose billions of euros in revenue, which represents about 10% of what he receives. Taking into account that in 2022, Meta earned approximately 115 billion dollars from advertising, the European market would represent approximately 12 billion dollars,
Nobody wants their personal data to be held by many companies
Meta affirms that this Law cost him 12 billion dollars in 2022. A confession of part, relief of evidence, say the lawyers.
Usually, people refuse to be tracked when given the option.
When Apple complied with US transparency regulations, 96% of Americans chose not to.
The wealth of FB comes from your data
Meta, formerly called FB, and its creator was, without a doubt, visionaries and experts in the market. They knew that the main capital of a company is the data of the prospects or potential clients. The internet gave them the opportunity to get billions of personal data, all over the world. And they got it before the regulations were imposed, in some cases very late.
He who has money spends it, and finding them means huge sales. If you know how to use the data represents many millions of profit. With them you can do effective prospecting, to send personalized offers to buyers with greater economic power. It is possible to reach a selected audience that buys because they have the means. The greater the amount of data, the better profits can be obtained.
