'There is a golden opportunity for the U.S. to take the lead on data privacy globally and demonstrate how data protection can be an economic driver for growth and innovation.'
Individuals are finally understanding just how much of their personal data has been mishandled and abused. Defeatism and angst seem to have set in following the steady stream of high-profile breaches and revelations of the vast monetization of personal data. Many even claim that privacy is dead and little can be done to stop this spigot of data leaks.
It’s Possible to Balance Regulation and Innovation One of the great stories of innovation from the late 1800’s and early 1900’s was the development of insulin as a treatment of diabetes, and countless lives were saved as a result. But the subsequent push for pharmaceutical innovation led to terrible abuses in untested drugs coming onto the market , and eventually a balance was struck in the Federal Food Drug and Cosmetic Act.
There are, however, some important American values that we should be fighting for when it comes to privacy. For example, most Americans believe that as long as they do really understand the facts, they should be free to share or sell their own information as they see fit. The European approach, on the other hand, includes a basic principle that the government can prevent you from selling or sharing your own personal data, even if you consent.
Second, states have begun to fulfill their critical role in our federal system of innovating around privacy. For example, late last year, the people of California passed the first major comprehensive privacy law, and a number of states are considering their own now. The California law and these other states include important protections around notice and the sale of personal information.
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