According to a new study by the Technology Policy Institute, a US think-tank, the institute’s research on how people in countries assess how much their private information is worth. Facebook users in Germany want the social media platform to pay it about $8 a month to share its contact information, compared with $3.50 for U.S. users.
It is the first attempt to quantify the value of online privacy and data, and the think tank assesses the value of privacy information in six countries by looking at the habits of Internet users in the United States, Germany, Mexico, Brazil, Colombia and Argentina. The study aims to address growing concerns that companies, from technology platforms to retail companies, have been collecting personal data and using it to make money. It comes after US regulators imposed heavy fines on Facebook and Alphabet’s Google YouTube unit for violating privacy.
The study found that Germans want higher compensation to allow technology platforms to share their personal data with third parties, with American consumers in second place.
Research shows that it is generally accepted that financial information such as bank account balances and biometric information such as fingerprint data are of the highest value and the value of location data is the lowest. For all web users assessed in the study, the technology platform, on average, had to pay $8.44 a month to share its bank account balance information, $7.56 for fingerprintinformation, $6.05 for personal text messages and $5.80 for cash withdrawals. By contrast, technology platforms pay only $1.82 a month for targeting data, and send ads via text message sending at no cost.
In addition, the study found that Latin American consumers prefer to watch ads on smartphones than Americans and Germans.
Congress is currently working on a federal privacy law, and states such as California have introduced new privacy laws. California Attorney General Xavier Becerra sent a letter to four senior lawmakers On Tuesday urging him not to use watered-down federal legislation to undermine the state’s new privacy laws.