What’s with all the “Updates to Our Privacy Policies” ? Should consumers be worried ?
You may have noticed emails from companies a couple months ago about “Updates to <Insert Company Name>Privacy Policies.” Why the sudden surge in policy updates?
Companies from Twitter and Facebook to Grubhub and Uber recently updated their privacy policies in response to regulatory crackdown on data protection — the primary driver being Europe’s General Data Protection Regulation (GPDR). The GPDR went into effect in May 2018 and shined the spotlight on one of the hottest topics among online business owners: privacy and consumer data. The goal is to allow the consumer control of their personal data and to reinforce the security and protection of that information.
Now with more emphasis being placed on our data, it is up to the consumer to take control of their personal asset and to ensure that data is secured and protected.
Why is data so valuable?
Data is a huge business and companies are willing to pay other aggregators for your most valuable asset.Recently, 23andMe and GlaxoSmithKline unveiled a $300 million investment/collaboration agreement in which GSK will have exclusive rights to 23andMe’s more than 5 million customersand their genetic data. The 23andMe and GSK news is not new. Back in 2012 DeCODE Genetics was sold to drug maker Amgen for $415 million, which gave the Pharma giant access to genetic information to almost half the population of Iceland. At the time, the population in Iceland in 2012 was a little over 320,000 – a significantly smaller population size than 23andMe’s current customer base. Regardless of size, pharmaceuticals value the possibility of owning that data.
On the surface, pharmaceutical companies are using your data to “gather insights and discover novel drug targets driving disease progression and develop therapies.” In reality, it allows large companies to analyze and mine the data; and react quickly to consumer needs based on your information. The pharmaceutical company is able to capitalize on your health data by being the early entrants to the marketplace and profiting on consumer needs.
As witnessed with Amgen and GSK, companies are paying hundreds of millions of dollars to have a peek into your health data with all the profit going into their pockets.
What can you do to protect your data and take control?
The moment you provided them with your saliva sample, you have already sold your data to Big Pharma or other large corporations. Why not take control of your own personal health data and be compensated at the same time?
TimiDNA by TimiCoin/TimiHealth (www.timicoin.io) built their own proprietary blockchain providing a secure place to store your health DNA. With blockchain as the technology, you know your data will be secure and you will have control to approve or decline access to your health information. You can be sure your data will not be sold to Big Pharma since you control what you share and be compensated when you do.