Taking Control and Protecting Your Digital Identity

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June 20 (Bloomberg) -- Citizenme Founder and CEO St John Deakins and Bloomberg’s Caroline Hyde discuss online security and changing attitudes to big data on “The Pulse.” (Source: Bloomberg)

We talk about big data.

In your travels, have you come up with anything that gives us a sense of how big big data is?

Not only the opportunity.

Give me a sense of how much data there is out there.

We talk about big.

Let's put it in perspective.

Msa is building a 1 million square foot data center just to put the data that they cannot decipher.

This is in a vast scale.

It is becoming too much.

We need to start drilling down and getting real world uses out of this vast quantity of data.

It is a $45 billion industry.

We are getting companies like cloud air and mango db that have the software that you can drill into the data you are capturing.

You are browsing a juice maker, and it will haunt you every time you go on the internet.

These are the companies that are now worth more than $4 billion because they see the quantity of data needed to be successful now.

You talk about data mining being goldmine.

How much of the data relates to me?

And how much of it is useful?

Give me a sense of down at an individual level, what we are talking about.

A phone was tracked for 24 hours on the phone was sending out 350,000 as of information in a day.

That is going to everything from talking tom and angry birds sending your contact information through two your browsing behavior and other apps.

There is a huge amount of data there.

Location alone, for different location points across the day and you can tell where you work and where you live.

If you map that onto traditional marketing, which is still used, you will have a gold mine of information.

The cutting edge for mobile marketing is working out where you live by your gps in your phone and mapping that onto your postcode.

That is very clunky.

It is telling you things like the fact that because you live in this neighborhood you probably like this serial.

-- cereal.

The information you have on the device -- we have not set up.

You will have your washing machine hooked up.

The internet of things will allow you to connect.

There is a plethora of information, some of which is junkie, and then there is a really key insight as well.

What is it that is holding us back and making more of this information?

Is it that we do not have the processing horsepower?

Is that our lack of information or the marketing world lack of imagination in figuring it how to relate a to b to c? where is the bottleneck?

So advertising funds the internet.

The internet is ubiquitous.

For advertising to work, you need personal data.

The way personal data is collected is by big data companies who, data brokers, who will harvest as much information as they can, which is not given with consent, and they will take lots of unstructured data and try to jam it together.

One they did a company thinks that i live in texas because i went to sxsw.

Because it is collected from a lot of different places, it is not accurate.

But it is out there.

It is early days for the internet.

What we believe is -- if you take the information yourself, you can start to self curate that information.

We as individuals can be better.

Choosing what we decide to sell to amazon and to the retailer.

Is the information that is pertinent to you, that you want to share.

Isn't that why the internet is free, because we are paying with our data?

Look, they provide an amazing service.

And they are up for by advertising, which is fantastic.

The way they collect information is really inefficient.

They give up tens of billions of dollars wasted by advertisers a year.

Advertising using this data, they are miles away from using this stuff effectively.

Miles and miles.

You listen to what is coming out of cannes.

They are so far away from having figured out how to use the stuff.

I am amazed.

Coming back to my question, what is it we're not doing?

From our point of view, we can go that way.

Why can't the advertising community figure out?

. it is early days.

We've only had social stuff for 10 years it is still clunky.

If you look at the advertising ecosystem, it is fragmented.

You need to have the ability for people to share the data.

Then you start creating efficiencies.

You can use the market to drive that.

The way we work is that everything -- all of your data gets mashed up into large groups of 10,000 people at a time.

We have a foundation which is a separate company, a separate nonprofit which oversees the government of the data.

But we have to be a market-driven company on behalf of consumers to drive the market.

Tha very much for stopping bynk.

We are back in two minutes.

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This text has been automatically generated. It may not be 100% accurate.

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