The initiative is based on the premise that businesses have a responsibility to individuals and society in how they manage their data. A recent Mastercard-commissioned survey revealed that nine out of ten people say data privacy is important to them, yet only 25 % say companies are doing a very good job handling individuals’ data.
Mastercard is proposing six data responsibilities, meant to complement, and not substitute regulatory compliance. These are:
Mastercard commissioned a third-party online survey of 2,487 individuals and 830 business leaders across Brazil, Germany, India, Spain, and the US from July-August 2019 to better understand how data is viewed around the world.
According to the survey research, an organisation committing to these principles would help drive trust with upwards of 90% of individuals. Consumers in India and Brazil are far more positive about the handling of personal data, and more than 50% of consumers say they would be more likely to use a company that’s transparent about how it uses data.
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