European union general data protection regulation

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Note especially the European Union General Data Protection Regulation [GDPR] which entered into force on May 25, 2018. Note that the EU approach to data privacy is that the data is a digital asset of the owner and that organizations seeking to use your data must secure your affirmative consent and that the consent needs to be proportionate, transparent and for a legitimate purpose, including the right to be forgotten. The regulation applies to organizations outside the EU to the extent that they handle the data of EU nationals.

You are the Chief Privacy Officer of Facebook. Facebook accumulates and analyzes the data of persons accessing its service [even if open on your computer when doing other activities.] Facebook then sells advertising to third parties based on the data. Facebook currently considers your accession to their service as consent for the collection and use of your data. Facebook currently benefits from increased use. This is called a network effect. 'Network effect' is a phenomenon whereby a product or service gains additional value as more people use it.

If data is a digital asset owned by the individual, do individuals in the EU have the right to charge Facebook for each use of the individual's data? If so, what impact will this have on the market value of Facebook's stock?

Reference no: EM132227945

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