Privacy paradox

Abstract

There has been a recent uptick in the number of real-world applications of Artificial Intelligence, Data Science, and other fields that are related. Organizations in these kinds of fields have been collecting more data, including Personally Identifiable Information, to ensure their continued success. PII can be used to identify an individual either on its own or in conjunction with other information. Any person who has access to this personally identifiable information (PII), or anyone who illegally accesses the data through a breach, has personal information about an individual that the individual may not have consented to sharing. This places the privacy of individuals at risk. People have also spoken out against data breaches such as the one that occurred with Cambridge Analytica and Facebook, which resulted in the information of more than 50 million people being leaked. However, customers continue to part with their data in exchange for relatively minor benefits, which can take the form of monetary compensation or a more personalized experience. Therefore, the results of this study will assist us in determining whether customers truly value their privacy to the same extent that they claim they do. If this turns out to be the case, there will be a pressing need for more stringent regulations regarding privacy and cyber security, and these regulations can be imposed on organizations. However, if it is discovered that consumers' contradictory behavior is because they do not care about their privacy, then the regulations can be loosened to let organizations help use data efficiently and provide better rewards. This would allow consumers to have more control over their personal information.