23 Mar Scentrics: An inflection point for Privacy on the internet
Recent news calls for consumers to own and control their data, decide who to share it with and have an option to get something in return.
Scentrics, a leading British cybersecurity and machine learning company along with research from UCL, Computer Science has made a major breakthrough enabling this data trading to become a reality for encrypted data. This delivers privacy in real terms for users, whilst maintaining the commercial models for big data companies.
Why are we still having this discussion?
Paran Chandrasekaran, CEO Scentrics is very clear: “Data is the new oil. Large tech companies have been putting their head in the sand hoping this problem will go away and suggesting there can never be a technical solution – when in fact through deep and sustained research a solution does exist”
Privacy on the internet is broken
The Facebook/Cambridge Analytics storm is not an isolated example but a wakeup call. The current debacle highlights what faces consumers in terms of their own data privacy. The result of this breach of trust is more damaging to individuals, families, homes and businesses and democracy than at first people might realise.
Time is right for a new business model
This is not a new issue for technology companies.
“We have all been slow to wake up to the fact that we are being manipulated by the big technology firms who consistently use our data without proper consent. The flawed business model for the likes of Facebook is past – they have been living on borrowed time,” commented Paran.
“Privacy is certainly possible but technology firms have become complacent and resisted change for fear of loss of revenue. It is possible to grant user privacy without shutting off revenue. The business model needs to change… it can and must,” continued Paran.
The solution is privacy for everyone – a scalable solution with legal and regulatory compliance
Encryption of data should be an everyday feature on the internet. This can be achieved today, balancing the needs of legal regulatory compliance, national security and commercial gain, whilst at the same time delivering privacy and handing back control to users.