The value of your data
Data brokers gather and evaluate information from a variety of sources to develop in-depth profiles of individuals, which are then sold to businesses and organizations for marketing and other purposes. These profiles may include personal data such as age, gender, income, profession, buying behavior, and even social media activity.
The urgency for businesses to understand consumer behavior and preferences has resulted in a surge in demand for data brokers. Consequently, the data broker industry has grown extensively and is predicted to keep increasing in the upcoming years. Transparency Market Research approximates that the global data broker market will attain an astonishing $13.8 billion by 2027.
For your privacy and protection
The business of data brokers has raised concerns over privacy and data protection. Many consumers are oblivious that data brokers are profiting off their personal information without authorization. This has spurred an outcry for more insight and regulation within the field of data brokers.
To protect against data breaches and cyberattacks, data brokers must have sufficient protections in place. But without strict guidelines and regulations, it is difficult to audit the security measures. The loss or theft of sensitive information can have severe consequences for both individuals and businesses.
Although data brokers have played a vital role in the progression of businesses and organizations, it is equally important to address the ethical and security concerns associated with their operations. By implementing appropriate regulations and security measures, the data broker market can still prosper while simultaneously respecting the privacy and security of individuals.