Fintech professional’s tech predictions: 3 –Sharing data risks outweigh benefits

This is the third prediction from one of my contacts in the financial services IT sector.

The previous blog posts in this series predicted that tech firms will soon need government certificates if producing news content, to fight against fake news, and the cyber security risks associated with smart energy meters.

Read part 1 here.
Read part 2 here.

Here is the next prediction

3 – Personal data abuse:

“The public will increasingly realise that any data (words, pictures, sounds, videos or anything else) that makes its way online will be used and abused legally or illegally. Social media, businesses, advertising systems, websites and apps may well provide full details in T&Cs but not all users will read them or understand the consequences. As more data abuse scandals are uncovered, people may start to withdraw from certain platforms or participation in some types of connected technology. The risk-benefit perception will tilt more towards risk. The current Facebook situation is just another example of this.”

This series of blog posts came about following a conversation with one of my contacts. He had lots of predictions for tech over the next few years and I thought I should share them and get some comments from the wider public.
A few of the predictions might be a statements of the obvious to those more closely involved, so he sent them in context of trends emerging over the next 1 to 5 years.

He says we are approaching the point when an increasing number of people will realise how risky the connected world can be and start to minimise or withdraw from it where possible.

“This would have a profound impact on the current tech trajectory that most people believe in. Security, privacy and tackling cybercrime will continue to gain momentum as the most critical issues in tech,” he added.
Please let me know your thoughts and/or your own predictions.