LOS ANGELES, Jan. 30, 2020 /PRNewswire/ -- New research
from SRAX, Inc. (NASDAQ: SRAX), a digital marketing and consumer
data management technology company, shows that the new California
Consumer Privacy Act (CCPA) isn't delivering on its promise.
SRAX's latest research shows that 51% of respondents either
agree or strongly agree that "I'm worried that my smart home
devices are being used to spy on me."
Not only are consumers worried, they demand action: Fully 56%
either agree or strongly agree that "Advertisers should be punished
for having so much data about me."
"The goal of the CCPA was to reign in the power that companies
like Facebook have over consumers," said Kristoffer Nelson, COO of SRAX and co-founder of
BIGtoken. "However, it will hurt small and midsize companies and
actually empower the large, data consuming companies it was meant
to regulate."
What's ironic is that the CCPA was envisioned, in large part, to
ensure privacy from Internet giants like Google and Facebook.
However, both Google and Facebook is likely exempt from the CCPA,
because they don't sell user data to third parties. Instead, both
platforms gather data and use its own subscriber data to target
advertising – which is not specifically prohibited under the CCPA.
Facebook has made this specific argument recently.
"CCPA was written by well-meaning and well-intending people who
don't have a full understanding of technology, data, or
advertising," added Nelson. "The law that was created to challenge
big tech surveillance further entrenches these legacy incumbents
while harming small businesses and publishers. But, the law is now
in affect and the industry must comply. It's estimated that
companies will spend $55 billion in
2020 to comply, but the law will create a better internet for
consumers, and the friction and challenge of compliance will create
new opportunities for businesses, as it forces a more transparent
and balanced relationship with customers."
The gold-standard safe harbor for businesses is to adopt a 100%
opt-in platform for gathering, using, and sharing consumer
information that operates in an open and transparent manner, like
BIGtoken and unlike the tech incumbents. And consumers should
insist on sharing their data only with companies that adopt such a
simple, user friendly opt-in stance toward privacy.
The California Consumer Privacy Act, which took effect
Jan. 1, 2020, creates new consumer
rights relating to the access to, deletion of, and sharing of
personal information that is collected by businesses. The statute
requires the state to create regulations to facilitate consumers'
new rights and provide guidance to businesses for how to comply
with those regulations.
The CCPA research survey was conducted by BIGtoken, the consumer
data management and distribution system. For more information,
visit: https://bigtoken.com/.
To download the application, please
visit: https://bigtoken.app.link/pressdownload, or to access
BIG from the web you can visit: my.bigtoken.com.
About SRAX
SRAX, Inc. (NASDAQ: SRAX) is a digital marketing and consumer
data management technology company. SRAX's technology unlocks data
to reveal brands' core consumers and their characteristics across
marketing channels. Monetizing its data sets, SRAX is growing
multiple recurring revenue streams through its various platforms.
Through the BIGtoken platform, SRAX has developed a
consumer-managed data marketplace where people can own and earn
from their data thereby offering everyone in the Internet ecosystem
choice, transparency, and compensation. SRAX's tools deliver a
digital competitive advantage for brands in the CPG, investor
relations, luxury, and lifestyle verticals by integrating all
aspects of the advertising experience, including verified consumer
participation, into one platform. For more information on SRAX,
visit www.srax.com.
About BIGtoken
BIGtoken, built by SRAX (NASDAQ: SRAX), is a consumer data
management and distribution system. BIG is the first
consumer-managed data marketplace where people can own and earn
from their data. Through a transparent platform and consumer reward
system, BIG offers consumers choice, transparency, and compensation
for their data. Participating consumers earn rewards, and
developers are able to build pro-consumer online experiences on top
of the BIG platform. The system also provides advertisers and media
companies access to transparent, verified consumer data to better
reach and serve audiences. For more information on BIGtoken, visit
www.bigtoken.com.
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SOURCE SRAX