The new General Data Protection Regulation continues to protect information systems from hacker attacks, but the true objective is to protect human beings from the discriminatory potential of an algorithm that is either “faulty” or fed with incorrect information.
Stefano Leucci, FCA Bank’s Data Protection Officer, analyses the current situation of data protection not only in a corporate context but also in our daily lives, an aspect that is often underestimated.
The European Union has made substantial efforts to revolutionize the regulatory framework protecting personal data. Users are increasingly aware of the manners in which they publish their personal data on social networks and the associated risks.
The real risk, however, is the power and autonomy of “smart” technologies, whose role is to turn personal data into a valuable commodity. The cars of the future will not even allow us to start the engine in cases of emergency after the wrong calculation of our blood alcohol level. A bank will not give us a loan because an algorithm decided that we are not good payers on the basis of data collected on the social networks.
Being able to manage these risks quickly will give a competitive advantage to organizations in an increasingly digital, interconnected and robotized playing field. The ultimate objective of data protection should not be compliance per se but the enhancement of product design, user experience and customers’ trust.