Data as the New Currency

Personal information in the digital world has transformed into a form of currency, carrying significant value. Every click, like, purchase, and interaction generates data that is collected, analysed, and bought by companies seeking insights into consumer behaviour. This data, often referred to as the "new oil," fuels targeted advertising, personalised recommendations, and tailored experiences (Eggers et al., 2013). Consequently, users become participants in a vast economy where their personal information is the currency of choice, highlighting the importance of privacy protection.

In conclusion, scams, hacks, and data breaches pose significant threats to our cybersecurity, and we need to be vigilant and aware. Your personal information is just that, Yours. The Privacy Act 2020 gives you the right to access any personal information held about you, and to have that information updated if it is incorrect and in some cases removed from the database at the discretion of the agency. Companies must inform you if your personal data is being shared outside the organisation or with a third party.

Written by Tonya Pene, Marketing.

Reference source: Eggers, W., Hamil, R., Ali, A., (2023). Deloitte Review Issue 13.