According to a document issued by the world’s major central bank umbrella body, the BIS, individuals and businesses should have more control over the data gathered on them by social media and other Big Tech corporations and banks.

In recent decades, the proliferation of internet-enabled mobile phones, applications, and other high-tech gadgets has resulted in an explosion of personal data that businesses now capture, process, and monetize.

According to a document issued on Thursday by the Bank for International Settlements (BIS), while most nations have data usage regulations in place, most people are unaware of what is at stake or their data rights.

Changing the system

According to the document, authorities should implement new data governance mechanisms to “level the playing field between data subjects and data controllers.”

They should compel businesses to obtain clearer consent to gather data, clearly explain how it will be used, and make it easy for individuals to retrieve data collected about them.

According to the paper, when data is exchanged between data providers and data users, the data governance system should indicate which data are sought for sharing, how long data users will keep them, and who will handle them. 

We need stronger data laws

The BIS’s function as a center for top central banks demonstrates how widespread the need for stronger data laws has become.

The current rules are somewhat disjointed and all over the place. While the General Data Protection Regulation (GDPR) of the European Union, which went into force in 2018, is widely regarded as the most comprehensive, it is nevertheless thought to have flaws.

Other sections of the globe are far behind. For example, in the United States, where most Big Tech companies are headquartered, there are currently no overarching consumer privacy regulations, depending instead on a patchwork of state and industry norms.