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BIGtoken Weekly Data Privacy Roundup

New states such as Utah continue to push for data privacy bills. These bills are critical to secure government infrastructure, protect our children from being tracked and targeted, among other things.  

“For Teens, Navigating the Mental Health Pitfalls of Instagram is Part of Everyday Life,” The Washington Post- October 21st, 2021 

Concerns are mounting about the long-term psychological effects continued use of instagram can have on a teen’s health.  Many are in support of data privacy bills that can protect teens and make it more difficult for companies to track children and make recommendations.

Utah Legislature May Take Up Cybersecurity, Data Privacy Bills,” Fox 13- October 18th, 2021 

Utah is the latest state to consider enacting a new data privacy bill. As the government has suffered a shocking 2 billion hacking attempt, this bill is especially needed in Utah. As more people understand that data privacy is not just important for individuals, but also for national security, the passage of these critical laws should increase. 

For individuals, the need for rigorous privacy protections is of utmost importance for financial transactions. While calls for a federal privacy bill continue, it is positive that the Consumer Financial Protection Bureau is beginning to actively scrutinize big tech companies’ business practices.

“Rise of Digital Banks Underscores Urgency of Data Protection Law,” The Jakarta Post- October 20th, 2021 

As security breaches escalate at financial firms, it is becoming more urgent to enact a data protection bill, especially at the federal level. Such a bill will enable consumers to hold financial institutions accountable if their financial data is exposed. With more people placing their money in the hands of online banks, it is of the utmost importance that their data remain secure. 

Consumer Protection Agency Probes How Apple, Facebook, Amazon Use Financial Data,” Wall Street Journal- October 21st, 2021

The Consumer Financial Protection Bureau launched an investigation into the consumer data practices of the usual big tech suspects – Amazon, Apple, Google, Facebook, etc. More specifically, they want to “better understand how these firms use personal payment data and manage data access to users.” This is a huge step in the right direction to compel the safeguarding of their user’s financial data.