The business of personal data

The World Economic Forum just came out with a report, “Personal Data: The Emergence of a New Asset Class,” that surely is going to raise some controversy, as it explores what it means to commercialise personal data and make good money doing so.

Personal Data: The Emergence of a New Asset Class looks at the necessity to rethink personal data as an economic asset class, as it has the potential to represent untapped opportunities for economic growth and social benefit, whilst the issues of movement and protection of data must also be addressed.

There are many interrelated and complex cultural, business, technology and policy trends shaping the personal data ecosystem, and the report presents a user-centric set of recommendations for individuals, private enterprise and policy-makers, highlighting five key areas for collective action:
1. Innovate around user-centricity and trust.
2. Define global principles for using and sharing personal data.
3. Strengthen the dialogue between regulators and the private sector.
4. Focus on interoperability and open standards.
5. Continually share knowledge.