Nine out of ten people say data privacy is important to them, according to a recent Mastercard-commissioned survey, yet only one-quarter say companies are doing a very good job handling individuals’ data. Mastercard today announced the launch of the Data Responsibility Imperative to advance a dialogue around how organizations can work together to close this gap, inviting others to join them in the effort. The initiative hinges on establishing a core set of principles guiding the ethical collection, management and use of data.
“In today’s fast-paced digital economy, we’re facing never-before-seen circumstances that test our ethics on a daily basis,” said JoAnn Stonier, chief data officer, Mastercard. “We need high data standards that allow us to face these situations head-on, knowing that our practices are sound, consistent and based on treating individuals and their data with decency. For Mastercard, this commitment starts at home, and we’re embedding these principles into how we do business – every day.”
The initiative is based on the premise that businesses have a responsibility to individuals, one another and society as a whole in how they manage their data.
Mastercard is proposing six data responsibilities that will help deliver sustainable data programs designed to best navigate the challenges and opportunities of the digital economy—and how to make that digital economy work for everyone, everywhere. These principles are meant to complement—and not substitute—regulatory compliance.
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