Trusting others with your data
February 18 2021
Contributed by: Chris Martin, Managing Director, Food Tech Group
In part two of this three-part series, former Tibersoft CEO and founder Chris Martin talks about data privacy.
Trust has always been a big deal. And as computers and smartphones get better and better at generating data about us, we keep learning how important it is to be mindful of trusting others with our data. Take what we’ve recently learned about Robinhood. The company name does tie nicely with the free trade proposition. Too good to be true? Now we find out that Robinhood is selling the trade activity to hedge funds which are then front running your trade with a trade of their own. That version of the Robinhood story sounds upside down.
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My colleague Sagar Sheth recalled an old saying, “if you’re getting something for free, that means you’re the product.” Most of these “retail” traders probably didn’t realize they were part of a larger scheme and also then didn’t make a conscious decision to trust another with their data. For those that did consciously decide, the rationalizations are all too familiar “it’s only a little bit of data”; “nobody cares much about me,” “Robinhood is all about taking from the rich and giving to the poor…right?”
“This is an important time to use discernment, require transparency, and generally to take care when trusting others with our
What’s encouraging to see is young people waking up to the flow of data behind the scenes. As the father of a 20 and 24-year old, it is uplifting for me to mix with their friends who are starting to notice how the world really works. For example, they realize the phones are listening to everything because they see the related ads appearing after only related conversations.
It isn’t easy; I have been the product. But this is an important time to use discernment, require transparency, and generally to take care when trusting others with our
data. As stewards of massive amounts of data, Food Tech Group companies will continue to do everything commercially possible to earn client trust - especially when it comes to data.