A number of users are now giving consent to provide technological companies with their personal information in exchange for access to the online service. I think that there are clearly more pros than cons because this will give the companies an enormous database, and people on the other hand can save money. But downsides such as data theft and hacker attacks can be detrimental for each enrolled individual.
Sharing personal data can be useful for both sides. While companies get that information, they not only improve the current systems but also can create newer projects with them. Deep knowledge base can enhance the accuracy of the companies by assisting them and showing a more in depth view on things.Also people who struggle financially can find it beneficial to use the program with no fees. For example when going through checking whether a person is a robot or not and identifying the photos with some everyday objects, users actually help Google AI learn on that data and increase its accuracy on predicting what is around it. However there has to be precautionary measures and confidentiality agreements.
Sharing personal data can be, even rarely, dangerous for people. High level programmists who choose to do illegal jobs can eventually seize the precious personal information and sell it to numerous companies. Level of security needs to be at the point so people will not worry about their information loss. Misinformation or other harmful acts can be done to people sharing their private data with low cyber security companies. For instance, the Hacker attack on National Bank in Baku which happened in 2020 has led to terrible consequences. By taking vast majorities’ data, hackers had taken loans for five million dollars in one night.
While sharing personal information can be beneficial for users, safety of that data should be prioritized first and then used as means of development for companies.