May 6, 2022
The Bank for International Settlements (BIS) has called for users to have better control over their data collected by technology companies.
According to the group’s paper released Thursday, while some countries already have laws governing data use, many people are unaware of how their data is used by technology and social media companies.
The group called on the government to introduce a new data governance system to create a “level playing field between data subjects and data controllers.”
The clamored data use law will require firms to give clearer consent to the collection of data. It will also explain how the data is used, while making data harvest easier for those from whom it was harvested.
To properly control data usage, the group identified a number of standards that any new governance system should meet. This includes purpose limitation, data minimization, retention restriction, use limitation, and operational resilience.
Purpose limitation ensures that the purpose for which data is shared is clearly and concretely stated. Data minimization means passing on only as much data as is necessary.
Retention restriction ensures that data is not shared for longer than necessary. Use limitation ensures that data is used for the purpose for which it was shared. Operational resilience ensures that data is secured.
The sources for this piece include an article in Reuters.
