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Consumer Privacy Regulations: Considerations in the Age of Globalization and Big Data
Abstract
Big data and analytics have not only changed how businesses interact with consumers, but also how consumers interact with the larger world. Smart cities, IoT, cloud, and edge computing technologies are all enabled by data and can provide significant societal benefits via efficiencies and reduction of waste. However, data breaches have also caused serious harm to customers by exposing personal information. Consumers often are unable to make informed decisions about their digital privacy because they are in a position of asymmetric information. There are an increasing number of privacy regulations to give consumers more control over their data. This chapter provides an overview of data privacy regulations, including GDPR. In today's globalized economy, the patchwork of international privacy regulations is difficult to navigate, and, in many instances, fails to provide adequate business certainty or consumer protection. This chapter also discusses current research and implications for costs, data-driven innovation, and consumer trust.
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