Mastercard promotes the principles of responsible data processing
An ethical approach to data management builds trust in digital economy solutions
Research results and the Data Responsibility Imperative initiative
According to research recently commissioned by Mastercard, 9 out of 10 people consider data protection very important, but only 1 in 4 say that companies fulfil their obligations regarding the processing of personal data very well. In response, Mastercard announced the Data Responsibility Imperative initiative, aimed at improving the situation. The company invites other entities to jointly develop fundamental principles for the ethical collection and processing of customer data.
Six principles of responsible data processing
Mastercard has proposed six principles of responsible data processing. They are intended to help companies implement sustainable programmes aimed at meeting the challenges of the digital economy, so that it benefits all its participants.
According to the survey, businesses that follow these principles can gain the trust of more than 90% of respondents. More than half of customers declare that they would be more willing to use the services of a company that applies transparent data processing principles. Based on the survey results, it can be concluded that in the 21st century, responsible data processing is part of corporate social responsibility.
Mastercard's practical solutions
Mastercard adheres to the above principles by ensuring that personal data is always used in an ethical manner, in compliance with regulations and for the benefit of customers. The company currently applies the following solutions:
- Data protection through multiple layers of security, including tokenisation and encryption technology;
- Compliance with GDPR and providing the My Data portal, through which customers around the world can check what personal data Mastercard processes about them, as well as manage it;
- Development of the leading anonymisation solution Trūata;
- Responsible data processing principles in the product development process;
- Robust data transfer mechanisms, including binding corporate rules for the transfer of personal data;
- Control over data use, including the cardholder's ability to withdraw consent to processing for purposes related to marketing, data analytics and internet usage analytics;
- The "Data for Good" programme run by the Center for Inclusive Growth, helping non-governmental sector entities use data for social purposes.
An ethical stance on data
When it comes to data, and in particular the ethical approach to personal data, Mastercard takes the position that:
- You own your data — the data you generate belongs to you.
- You control your data — you have the right to know how your data is used and shared, and to control it.
- Your data should be used in a way that benefits you — thanks to the use of your data, your life should become easier and richer.
We protect your data — it is stored securely and used responsibly
"Through collaboration, the business sector can develop a sustainable data management model that brings social benefits. Responsible use of data can allow us to better understand social behavioural patterns and better solve important problems in our world" – says Stefaan Verhulst, co-founder of the GovLabs institute at New York University and head of the Data Collaboratives Initiative.
"Mastercard's Data Responsibility Imperative programme is a good model for businesses that want to use data while respecting individuals' right to privacy. Data is not just a valuable resource. Its ethical use is part of companies' social responsibility. Those that build customer trust through ethical data processing will fare best in the long run, even if it involves short-term costs" – says Jules Polonetsky, CEO of the Future of Privacy Forum.
Summary
Mastercard, citing research in which 9 out of 10 people consider data protection very important, is launching the Data Responsibility Imperative initiative. The company proposes six principles of ethical data management and points out that following them can gain the trust of more than 90% of consumers.
In practice, Mastercard uses tokenisation, the My Data portal, Trūata anonymisation and the "Data for Good" programme. Experts such as Stefaan Verhulst and Jules Polonetsky emphasise that a responsible approach to data is part of corporate social responsibility, which in the long run benefits both companies and society.
