US senators to present bill forcing tech firms to reveal user data value

Monday, 24. June 2019 03:44

United States Senators Mark Warner and Josh Hawley will introduce a bipartisan bill on Monday which would require big tech companies to disclose the value of data gathered from their users via their platforms. Companies with over 100 million monthly users would have to reveal how they collect data, what it is used for, and to provide an estimate of its worth every 90 days to the Securities and Exchange Commission.

"For years, social media companies have told consumers that their products are free to the user. But that’s not true - you are paying with your data instead of your wallet," Warner explained in a statement. "But the overall lack of transparency and disclosure in this market have made it impossible for users to know what they’re giving up, who else their data is being shared with, or what it’s worth to the platform."

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Breaking the News / DJ