Senate bill asks companies to put a value on your head
You’re worth $5 per month according to companies like Google and Facebook. The value totally depends upon your profile, the quality of your content, your interaction with brands and how other brands are utilizing your data to sell their products and services. Imagine you’re a shopaholic online, every 5 days you buy something that comes from an advertisement on Facebook or Instagram.
In that case, according to these tech giants, there is a high price tag for your data. As mentioned earlier, it totally depends on your purchasing potential and the data quality. Now, the Senate bill wants these companies with over 100 million user base to put a value on their user’s data. The objective will give a clear idea to customers about what they are sharing and how valuable it is. In fact, it could even help the government calculate the damage happened when a lawsuit is in place.
Senators Mark Warner and Josh Hawley are designing a system to make companies put a value on their user’s data. The value will be refreshed every 90 days in order to maintain accuracy, though calculating the value isn’t completely figured out, the Senate is strong about deriving a calculation. The Securities and Exchange Commission would have to develop methods for calculating the value which could become the next big trend.
Source: Washington Post