Privacy's Peril: Unmasking the Unregulated Underground Market of Data Brokers and the Suggested Framework

TL;DR

This paper examines the unregulated data broker industry, highlighting legal issues, exploring regulation options based on GDPR, and analyzing the implications for privacy and data management.

Contribution

It provides a comprehensive overview of data brokers, discusses legal challenges, and proposes a framework for regulation inspired by GDPR principles.

Findings

Identification of key challenges faced by data brokers

Evaluation of regulatory options based on GDPR

Proposed framework for better oversight of data brokers

Abstract

The internet is a common place for businesses to collect and store as much client data as possible and computer storage capacity has increased exponentially due to this trend. Businesses utilize this data to enhance customer satisfaction, generate revenue, boost sales, and increase profile. However, the emerging sector of data brokers is plagued with legal challenges. In part I, we will look at what a data broker is, how it collects information, the data industry, and some of the difficulties it encounters. In Part II, we will look at potential options for regulating data brokers. All options are provided in light of the EU General Data Protection Regulation (GDPR). In Part III, we shall present our analysis and findings.