Mastercard recently announced the launch of the Data Responsibility Imperative to show how organisations can establish a core set of principles guiding the ethical collection, management and use of consumer data.
The initiative is based on the premise that businesses have a responsibility to individuals and society as a whole, in how they manage their data.
Mastercard is proposing the following six data responsibilities:
- Security and privacy: organisations must uphold best-in-class security and privacy practices
- Transparency and control: companies should clearly and simply explain how they collect, use and share customers data, and give people the ability to control its use
- Accountability: Companies must keep consumer interests at the centre of their data practices
- Integrity: Organisations must minimise biases, inaccuracies, and unintended consequences
- Innovation: Ensure consumers benefit from the use of their data through better experiences, products and services
- Social impact: Use data to identify needs and opportunities to make a positive impact on society