Data brokers the world over collect and sell information about your online behaviour. But now the US Federal Trade Commission has plans to save you from their data-grabbing ways.
An FTC report issued Tuesday explains how the Commission wants US Congress to examine the data broking industry and consider regulating its collection practices. Currently, brokers are free to create profiles about you based on scraps of information that you share online -- from activity on social media sites to online warranty registrations. Individually, they seem innocuous, but they're a powerful -- and lucrative -- insight into your life when rolled together and combined with other publicly available information.
The FTC gives an example of how such data broking is a double-edged sword. Say the data identifies you as a biker -- companies buying your information may send you offers and discounts on a new motorcycle, but a life insurance company may also charge you a higher premium for risky behaviour. Because data broking isn't regulated, it could currently swing either way over any information that's gathered.
The FTC, then, is urging US Congress to pass control of the situation to the individual, requiring brokers to alert people to the fact they're about to pass on your information to third parties -- and give you the option to opt out or edit incorrect information. It also suggests that data brokers must be more accountable -- identifying themselves and the data they collect, and describing the methods they use to acquire it.
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