Australia’s Competition Watchdog Targets Data Brokers in Thriving Markets Data Industry

Must Read

In an era of digital dominance and unprecedented data collection, Australia’s competition watchdog sets its sights on the shadowy world of data brokers, unravelling the enigmatic workings of a thriving industry that impacts us all.

Australia’s competition watchdog, the Australian Competition and Consumer Commission (ACCC) has initiated a process to gather perspectives from consumers, businesses, and relevant stakeholders regarding the business practices of data brokers. This effort aims to regulate the digital platform services sector within the country.

Who Holds Your Secrets? ACCC Investigates Transparency and Consumer Privacy Amidst Rising Concerns.

To compile a comprehensive report on the sector, the ACCC will assess the products and services offered by significant data brokers such as Oracle (ORCL.N), Equifax (EFX.N), Experian (EXPN.L), headquartered in Ireland, and global tech firm LiveRamp (RAMP.N), among other providers.

ACCC Chair Gina Cass-Gottlieb emphasised, “There’s a lack of transparency and awareness surrounding the operations of data brokers in Australia, despite their extensive collection of information about Australian consumers and their pivotal role in facilitating information exchange among businesses.”

ACCC Cracks the Whip on Data: Investigating Accuracy, Security, and Misuse. Data Brokers Beware

The ACCC will investigate the accuracy of data collected, their security measures, and any potential misuse or unfairness in how they collect, use and store individuals’ personal information. They will also ensure consumers have access to a complaint process and that businesses know their obligation to use data responsibly.

Data brokers typically acquire personal information, including browsing and purchasing behaviour, from various sources like mobile applications, social media sites, and card payment providers.

The ACCC stated, “The report will examine how third-party data brokers gather and utilise information to develop products and services, specifically identifying potential competition and consumer issues.”

The ACCC is expected to investigate whether the activities of data brokers comply with their obligations under Australian privacy law and that consumers are appropriately informed about how their personal information is collected and used.

Seeking Responsible Practices and Fair Competition

It will also assess potential implications for competition, including anti-competitive behaviour or practices that may reduce choice or increase prices for consumers, such as those alleged in the market for card payment providers.

“We recognise that data brokers can play an important role in the Australian economy, but we want to ensure their activities are conducted responsibly and appropriately,” said ACCC Chair Gina Cass-Gottlieb.

As part of its five-year inquiry into digital services markets until 2025, the ACCC’s digital platforms branch will deliver the report to the treasurer in March 2024. 

The report will primarily concentrate on businesses collecting information from third-party sources and sharing or selling it to other organisations. It will explore potential competition and customer-related concerns from such practices.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img