It cannot be denied that major internet companies and organizations store private information of many users. I weigh data leaks and security risks against better revenue and promotion of related products, thereby underpinning my support for the idea of more disadvantages.
The companies themselves believe that this action will bring better experiences to customers, and more profits to the companies. Start from creating personalized ads related to consumer needs to launch suitable products. For example, Amazon analyzes users’ purchasing behavior to recommend products similar to their choices, which helps attract more users. When there are more consumers, this leads to increased trades and the expansion of customer base resulting in more profits. Therefore, this is a win-win situation for both sides.
However, since the misuse of big data is becoming more pervasive, the consequences are unavoidable. One of the most clear-cut disadvantages is that individuals may be exposed to the possibility of fraud. By taking advantage of data leaked online, as can be easily seen in the case of Facebook, scammers may hoodwink a plethora of people. For example, in Vietnam, there are cases where victims report receiving a call saying they win a prize and need to send some money. Another drawback is that companies must compensate for the consequences caused. This requires a large amount of money and can easily cause the company to end up in bankruptcy. This raises concerns of potential threats to both companies and individuals
In conclusion, despite the benefits of saving time when buying and making a profit when selling, storing personal information comes at the cost of being vulnerable to financial threats, which is definitely not worth it. So, I believe that accessing private data can do more harm to our lives than good in the long run.