Privacy has to be a driving part of the digital economy

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Today, a vast landscape of data fuels the global digital economy. Through data mining and analytics, gathering valuable information on a specific demographic or group of people has become easier to accomplish. The availability of these bits of information opens up a world of opportunities for data-driven companies to disrupt and innovate within the digital space. In the same token, this also makes digital users more vulnerable to data security and privacy risks.

Volumes of data, when accessed by the wrong hands, can threaten the tenets of what privacy is all about. And while the implementation of privacy law is crucial, it is a must to operate in a manner that encompasses all aspects of the digital economy, and the possible repercussions of such laws on Canadian society, government, individual freedom, and security.

Protecting Privacy Would be the Biggest Part for Companies in the Digital Economy

Privacy is not just an area only touched upon in the digital world. It is a multifaceted concept that covers an individual’s whole existence. With the reformed Canadian digital charter, Canadians will have more freedom over their personal information, while digital companies who do not follow the law are bound to face harsher punishments.

Moreover, the digital charter also identifies who has control over which data and how it is used. This new charter now places a massive responsibility for digital media and internet companies to implement data mining efforts that would not threaten Canada’s collective privacy.

Protecting privacy through the Canadian digital charter will significantly impact the way the public trusts both the Government and the digital economy.

The gaming industry was one of the first in the Canadian business sector to make a big decision. Along with other business operators, online casinos had to deal with privacy issues. The online sector is a very sensitive space. There would be a hacker who can break the system and breach the privacy rules. Privacy rules could be breached by the business operators also. That’s why online casinos in Canada have been working together for five years already to improve the eco-system. Online casinos make critical decisions every year to be one step ahead of privacy breachers. iGaming venues have implemented many revolutionary tools over the years including the facial recognition systems. The new age of facial recognition system can prevent privacy issues in 99% of cases. That was the game-changer for the iGaming sector.

How Digital Charter Will Help Canada to Dominate the Global Digital Economy

In 2019, when Prime Minister Justin Trudeau revealed to the public, his plans for an overhaul of the Canadian digital charter, it preempted the inclusion of better measures to regulate the technology sector, end online extremism, and provide stricter guidelines on how companies may utilize data.

Today, the modernized Canadian digital charter aims to equip Canada with the capacity to address the challenges and threats within a digitally-driven economy. This reform will change the way data is collected and analyzed. At the same time, the Canadian government will be able to demand more transparency from companies in their data use and third-party access. More importantly, such measures in place will give consumers better choices in the way they share their data, and less to worry about regarding the use or abuse of their private information.

The reformed digital charter will aid Canada in achieving balance in terms of leading an economic agenda driven by innovation and safeguarding public data privacy and security.

How to Find the Right Balance for Privacy in the Digital Age

Finding the right balance between safeguarding privacy and fair use of data comes down to protecting both individual and collective privacy. As a non-negotiable right, privacy must be allowed to change and adjust based on the current status quo.

Much similar to man’s freedom of expression, the right to privacy must also grow into more than just an individual’s right to share and store data. Once all involved view privacy as one of humanity’s fundamental rights, and its protection is prioritized by both government and the private sectors, balance will have been achieved. And as digital economies continue to rise, so must the prioritization of individual privacy. Democracy loses its real purpose if we do not protect privacy collectively.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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