This Week in Data – November 9

Each week we compile the best stories in data, so you don’t have to search for them. Subscribe to Data Republic to stay in the loop.

New trust mark for data aims to give consumer relief

Well, at least some relief. The Australian Market and Social Research is releasing a “trust mark” called Fair Data. Research and marketing groups can use the mark to show customers their data is handled according to the law. Good motivation…but will it work? Time will tell.

THE TAKEAWAY:

“Critically, it enables consumers to make educated choices about their personal data. If they deal with a Fair Data organisation, they can have confidence their personal information is safe.”

Accountants focus on real-time data

Of all the industries being transformed by data sharing and information, accountancy is at the top of a pretty long list. As the AFR points out, a new survey shows 83% of accountants and accounting partners think real-time data sharing is a top priority. This creates all sort of opportunities and challenges – like what happens when the beans count themselves?

THE TAKEAWAY:

“All businesses, and accounting firms, are understanding that sophisticated software and the ability to make decisions based on real-time data, gives them a significant advantage in increasing revenue and ultimately profitability.”

UK information chief calls for more laws on political data

All the debate in the UK over data is fascinating to watch as Brexit marches on. Now, the Information Commissioner says the country should stop data from being used in political campaigns after some high-profile breaches. This comes after an investigation that slammed Facebook with a £500,000 fine. Sounds like they’re serious.

THE TAKEAWAY:

“Particular concerns include the purchasing of marketing lists and lifestyle information from data brokers without sufficient due diligence, a lack of fair processing and the use of third-party data analytics companies, with insufficient checks around consent.”

UK customers more anxious about sharing data

Speaking of the UK, turns out they’re a lot more anxious than they used to be. KPMG points out that 40% of the population are more concerned about sharing data, and not without reason.Personal data and credit card data breaches are major concerns, with another interesting point: 60% are concerned about social media data. That’s up from 37% around the world.

THE TAKEAWAY:

“What consumers’ require in return for their trust is really quite simple – they want transparency and honesty. Firms need to be open about why they want data, how they’ll use it and what value it brings to them.”

Why isn’t data reaching its full potential?

Good question…and we have something to say about it. Data Republic founders Paul McCarney and Danny Gilligan jumped on the This Week in Startups Australia podcast to talk about the potential for data in business…and why it might not be living up to its full potential. Yet.

THE TAKEAWAY:

“There are thousands of companies whose job it is to take data and turn it into intelligence that can be actioned. The data economy is the value that is created through the liquidity and application of data to new problems. It’s our belief that data is the biggest potential lever for micro-economic and social reform for the next few decades. The reason why that hasn’t been realized is that data is trapped.”

Facebook cracks down on ad data

Well, finally. Facebook now says advertisers and publishers will need to give much more information before they can share data with each other – including their relationships with each other.

This is nothing other than a response to a terrible few years for Facebook and data, including breaches, the Cambridge Analytica scandal, and ongoing attempts to sway elections by malicious actors.

THE TAKEAWAY:

“Advertisers that don’t disclose their relationships won’t be allowed to use the service or share data through Facebook, as the social network seeks to monitor data-sharing on its platform and perhaps make ad partners more responsible and accountable.”

 

That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!

Until next week,

Team Data Republic