Closing the trust gap: how responsible data use can accelerate a sustainable society

In today’s wired and interconnected world, our actions affect one another more than ever. Our supply chains are intertwined, our technology is interoperable and our relationships are interdependent.

This connected world is collecting and producing unprecedented amounts of individualized data on any number of topics. This data in turn creates insights that power innovation, allowing businesses, governments and society to advance our understanding of the world – and to open up possibilities that were unimaginable only a short time ago.

But this incredible and novel use of information has created tension surrounding privacy and the use of personal information, leading us to a turning point in society.

Individuals are confused about how their data is being used, how to control the flow of their data and the growing number of privacy notices, new laws and stories about data breaches, which make them only more concerned. When we recently surveyed individuals and business leaders about what they thought was missing in this data conversation, we found most people believe enterprises need to do more to protect data. The survey indicated a lack of trust by all parties, which is not only bad for business, but also threatens our ability to innovate solutions to solve society’s common problems.

Ultimately it comes down to one thing: leadership. Businesses have a responsibility to individuals and society as a whole in everything they do, but how they manage data is more important than ever.

To fuel the next century of innovation, as well as economic and social growth around the world, responsible data practices must be developed as part of data design efforts. The availability of data can advance our ability to design new products, minimize barriers and create solutions across industries and geographies. It can add convenience to society, and improve how resources, aid and opportunities are distributed. The World Economic Forum has projected that $3 trillion in annual economic value could be created by connecting data across institutional and geographic borders. But this is only possible – and sustainable – if data practices are held to high standards.

To enable the “everyone economy,” we must first overcome the data deficit. We need accurate, high-quality information that reflects all members of society. And, organizations must honor the rights of all individuals in their data practices. When it comes to personal data, individuals own it, control it and have the right to benefit from the use of it. Then, it’s incumbent on organizations and enterprises to protect it.

Jules Polonetsky, CEO of the Future of Privacy Forum, recently said, “Data is more than just a valuable business asset; principled, moral data practices are a corporate responsibility. In the long run, companies that build trust through principled uses of data – even when there is a short-term cost – will be best suited to thrive in a data-driven economy.”

Put simply, responsible data practices are sustainable business practices.

Responsible data practices mean not only complying with law, but also thinking ahead to ensure that as data innovation evolves, ethical data practices evolve, too. It means principles-based data design with the individual at the center.

This thinking informed our development of the Data Responsibility Imperative. Data can make a fundamental contribution to a sustainable, beneficial and inclusive world – but only if we let it.

At Mastercard, we transmit and handle the data of millions of people, financial institutions, merchants and other customers – and put our commitment to responsible data practices to work every day. We do this by:

Data responsibility is an imperative all data-centric organizations must embrace together. We’re inviting other responsible data organizations to publish their own principles, and to join us in designing the next generation of data innovation practices – practices that are responsible and sustainable for the future.