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The Internet changed the World rapidly and had an enormous impact on society and daily public life. The emancipated nature of the Internet has raised new concerns about the access and safety of personal data. Already, the public has shared a lot of their information on social media platforms, websites accepting cookies, forums, and registration to various sites. Earlier people had no choice or knowledge and without realizing has shared a lot of private information.
The E-commerce portals have enabled the delivery of purchased items at door-step. On them, the public shares their addresses and payment or banking information. And, it is the way it works and seems logical. The companies become the custodian of the data and its access. They claim the safety and non-sharing of the same.
On the Internet, a countless number of websites offering discounts, discount coupons, offering promotions has emerged and in exchange share personal data innocently and voluntarily.
People like, share videos, photos and update their status on Twitter, Facebook, YouTube, Linkedin, Instagram and other social media channels.
The platforms or their business partners have used the user's data for making targeted advertisements and made huge profits. It had impacted society, and now people have started thinking of possible dangers and available solutions and started objecting to it explicitly.
Now they are more cautious and concerned about their data. The online world should bring democracy, privacy, and the more informed public.
Empty “Privacy First” Promise
On July 26, 2018, the Facebook stock collapsed and was down by 19% and lost around $120 billion in market capitalization after it warned investors of slowing growth and profit margins. The investor's pessimistic outlook on the issue that the company is not able to control and protect its platform from harmful misuse. The company provided the private and intimate data of its two billion users to the world's academics to mine. It shredded the user's privacy and control, which led the Government to intervene and force Facebook to scale back with greater transparency and treating privacy as a guiding principle.
The concerns woes on profit triggered the investors to sell-off.