Data Privacy Issues Are The Root Of Our Big Tech Monopoly Dilemma
ForbesDec 01, 2021
Facebook's parent company Meta Platforms Inc. has agreed to a $725M settlement in a class-action lawsuit accusing the social media platform of allowing third parties, such as Cambridge Analytica, to access users' personal information.
The law firm representing the plaintiffs stated the settlement — which didn't see Meta admit wrongdoing — was the largest recovery ever achieved in a data privacy class action and the most Facebook has ever paid in a class action resolution. Judges overseeing the case in the Northern District of California are still required to approve the settlement.
Data privacy issues are at the root of Big Tech's monopoly mess. With weak data privacy laws, companies are primarily concerned with aggregating as much data as possible — the world's most valuable asset — and we must regain the right to protect our data, untangling the powerful system of Terms of Services and Privacy Policies that have given Big Tech near-unlimited power.
It's important to not deprive technology companies of a vital innovation tool. As demands for better data privacy laws grow, we must consider that access to data can be a powerful source of competition and innovation that blanket laws could disrupt. Recommended algorithms based on data also suit the consumer and their tastes. While people prize their data's privacy, we should ponder what the internet would be without such access.