“Today, U.S. Sens. Mark R. Warner (D-VA) and Josh Hawley (R-MO) will introduce the Designing Accounting Safeguards to Help Broaden Oversight And Regulations on Data (DASHBOARD) Act, bipartisan legislation that will require data harvesting companies such as social media platforms to tell consumers and financial regulators exactly what data they are collecting from consumers, and how it is being leveraged by the platform for profit. A section-by-section summary of the bill is available here. Bill text is available here.
As user data increasingly represents one of the most valuable, albeit intangible, assets held by technology firms, shining light on how this data is collected, retained, monetized, and protected, is critical. The DASHBOARD Act will:
- Require commercial data operators (defined as services with over 100 million monthly active users) to disclose types of data collected as well as regularly provide their users with an assessment of the value of that data.
- Require commercial data operators to file an annual report on the aggregate value of user data they’ve collected, as well as contracts with third parties involving data collection.
- Require commercial data operators to allow users to delete all, or individual fields, of data collected – and disclose to users all the ways in which their data is being used. including any uses not directly related to the online service for which the data was originally collected.
- Empower the SEC to develop methodologies for calculating data value, while encouraging the agency to facilitate flexibility to enable businesses to adopt methodologies that reflect the different uses, sectors, and business models…”