Can You Put a Price on Your Personal Data?
We live in a world where corporations, criminals, or interested people are ready to pay for sensitive, sometimes even intimate, pieces of private data for both commercial and personal purposes.
When you know that your private data can be stolen and sold, it’s natural to wonder how much it is worth to hackers, corporations, or anyone else interested in buying it.
A research carried out the subject and found out how much companies and individuals pay for data on the dark web (the key marketplace of stolen personal information) and what kinds of personal information “boast” the highest price tag.
What parts of Data are most Expensive and Why?
One of the chief factors influencing the price of personal information on a black market is how much price one can get from it in the future.
As a result, given below is the list of most expensive personal information appears like (organized from the most to the least expensive):
Online payment services credentials (the most expensive)
Credit and debit cards (the most expensive) among fraudsters who have a keen eye on your bank balance.
If you’re surprised that your medical records cost more than your payment service credentials, don’t be. Who do you think might be interested in paying for documents that reveal your health conditions? Pharmaceutical corporations and insurance companies, but why do they need such information? To gather perception about your symptoms, improve and personalize their marketing messages, and boost sales.
In addition, who do you think would chase after stolen passports or diplomas? Those trying to save themselves for better lives by pretending to be someone they’re not. Since such dark web customers basically buy themselves new lives, it’s no wonder they’re ready to pay huge sums for it.
Should You Be Worried About Your Personal Data Being Sold?
Yes, definitely. Don’t be disconcerted by the extremely low price your personal data seems to cost according to average estimates or personal information value calculators.
The probable economic value of your personal data is one thing, but your perceived value is another. The discerned value is what matters for you as the owner of this information and, as you understand, it’s more than money. Losing sensitive information to advertisers, hacker, frauds, or corporations might have an undesirable effect on your emotional comfort. After all, there are kinds of information we’d prefer to keep private. It is one of our basic human rights.
Although it might cost less than a dollar for a pharmaceutical or advertising company to find out how old you are, what chronic health conditions you have, and what your marital status is, losing this kind of information to them might cause you big trouble in the long run.