The Silicon Review ^Asia

Time to put hard limits on data capitalists who extract and exploit our personal information

The vaults of databanks, in large part, are impossible to secure as dogged hackers probing for weaknesses to exploit tend to breach such vaults. Even the most impenetrable cyber security will eventually fail under the pressure of such loathsome hackers. 

In the wake of the concern, the cyber security agencies across the nations have called for more transparency and accountability in the broker industry. However, it is hard to see how transparency and accountability alone would prevent the hackers’ heist. For instance, a week ago, Equifax data hack surfaced, which exposed the personal data of up to 143 million people. There would have been such procedure in place such as anti-hacking squad but the data capitalist failed to thwart hackers.

The concern is that data capitalists such as Equifax are able to accumulate much sensitive, personal data as they can get their hands on. There has to be strict regulations in place on what types of data a company is allowed to gather and how much data a company can possess, both in aggregate and about individuals. That said, no longer can these companies be allowed to exist in the shadows quietly sucking up alarming amounts of data about people.

Databanks like Equifax are too big – one of the largest credit reporting agencies in the world. It is revealed that the databank was hacked back in the month of May, this year. The hacked data contains extremely sensitive information like social security numbers, birth data, consumer’s names, driver’s license numbers and credit card numbers. The hack – a monumental breach of cyber security – is a reminder that data companies have too much power. Now the question arises – do data capitalists allow hackers to breach such sensitive information on purpose?