Mastercard initiates Data Responsibility Imperative

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:

• Security & Privacy - companies must uphold best-in-class security and privacy practices;
• Transparency & Control - companies should clearly and simply explain how they collect, use, and share an individual’s data and give individuals the ability to control its use;
• Accountability - companies must keep consumer interests at the centre of their data practices;
• Integrity - companies must be deliberate in how they use data in order to minimise biases, inaccuracies, and unintended consequences;
• Innovation - companies should be constantly innovating to ensure individuals benefit from the use of their data through better experiences, products and services;
• Social Impact - companies should use data to identify needs and opportunities to make a positive impact on society.

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.