As tax season comes to a close, it's a good time to consider data and privacy. Data collectors often say that the vast amount of information they collect is either heavily protected or anonymized before being packaged and resold. However, researchers at MIT discovered in 2018 that individuals can be identified by combining two anonymized data sets covering the same population. A 2019 New York Times series goes even further, exposing massive privacy risks when major tech companies' anonymized location data is stolen and cross-referenced with publicly available asset records. Ta.
As long as consumer privacy concerns are limited, there is little incentive for companies to abandon their data collection habits. Review our commitment to privacy when you purchase a new smart device, such as a phone, tablet, or computer, or when you use a new service. The market for such devices is growing, but at the moment they tend to be on the higher end of the product range. If this topic gains attention, the situation is expected to change.
In the meantime, here are some best practices to minimize the amount of information data collectors have access to.
Turn off personalized ads
Many of the largest ad space sellers, especially those that provide technology services such as email and social media, now offer the option to depersonalize the ad experience. We will continue to collect information, but there are some limitations on how we can target ads. Companies that don't rely on advertising sales have found privacy to be a strong selling point, and it's becoming a hot topic in the tech industry.
Skip the quiz
This silly online quiz that helps you determine which fast food mascot you are may be mining crucial information about you. Although this is bad practice, many online accounts rely on security questions to prove their identity, and these questions can easily slip into online quizzes.
Digitize and shred the rest
Your home or driveway may be advertising your wealth, and your mailbox or trash may be a target. Although user data theft has been well-publicized in recent years, online accounts are in many ways more secure than an unlocked mailbox, and are generally less private. Privacy experts recommend making this switch, and if you receive an email containing health, financial, or family information, be sure to shred it before throwing it away.
Learn what health data is collected
The Health Insurance Portability and Accountability Act (HIPAA) protects information shared with health care providers. There are no similar regulations for health data shared with fitness equipment manufacturers. It is worth making sure you understand what information is being collected and for what purpose. Go to your device settings to see what options you have. If you can read legalese, the EULA (End User License Agreement) has more information.
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Source: Raymond James Insights and Commentary. New York Times; Vox; Washington Post. Fast Company; Massachusetts Institute of Technology; Consumer Reports; NPR; Goldman Sachs; ZDNet.com.
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