The Global Data Responsibility Imperative
Data has the potential to fuel the next century of innovation, but only if our data practicesare held to the high standards we all deserve. We’re committed to managing personal data safely and securely and in ways that are ethical, compliant and of benefit to individuals.
You own it
Every day you produce data. That data belongs to you.
You control it
You have the right to understand and control how your data is shared and used.
You should benefit from the use of it
Your data should be used to make your life easier and richer.
The need for data responsibility is clear:
The overwhelming majority of individuals and business leaders feel data privacy is universally important (global).1
Annual economic value that could be created by 2020 by connecting data across institutional and geographic boundaries.2
Only about a quarter of consumers say companies are doing a very good job handling user data vs. 58% of business leaders.1
Only ? of consumers firmly believe companies could deliver these principles today.1
Data Responsibility Principles
Mastercard has developed six principles that will guide our own practices as we continue our journeyas responsible data stewards. We believe these principles can serve as a guide for like-minded organizations.
Security & Privacy
Companies must uphold best-in-class security and privacy practices
Transparency & Control
Companies should clearly and simply explain how they collect, use and share an individual’s data and give individuals the ability to control its use
Companies must keep consumer interests at the center of their data practices
Companies must be deliberate in how they use data in order to minimize biases and unintended consequences
Companies should be constantly innovating to ensure individuals benefit from the use of their data through better experiences, products and services
Companies should use their information to identify needs and opportunities to make a positive impact on society
1. Mastercard-commissioned survey, August 2019
2. “Data Collaboration for the Common Good,” World Economic Forum, 2019