Often, data collectors say that the vast amount of information they take in is tightly secured or anonymised before it is packaged and resold. However, MIT researchers discovered in 2018 that individuals could be identified by combining two anonymised data sets covering the same population. A 2019 series from The New York Times went further, exposing the risk to privacy on a massive scale if a major tech firm’s anonymised location data was stolen and cross-referenced to publicly available property records.
As long as consumers’ concerns about privacy remain limited, there is little incentive for companies to cull their data collecting habits. When buying a new smart device such as a phone, tablet or computer or using a new service, look into its commitment to privacy. The market for such devices is growing, but at the moment they tend to be on the premium side of the product spectrum. Expect that to change as this topic gains traction.
In the meantime, here are some best practices to help minimise the amount of your information that data collectors can access.
Turn off personalised ads
Many of the largest ad space sellers, particularly those providing tech services like email and social media, now give the option to depersonalise your advertising experience. They’ll still collect the information, but there are some limits to how specifically targeted the ads can be. This is becoming a battleground topic in the tech industry, as companies that don’t rely on ad sales are finding privacy to be a strong selling point.
Skip the quiz
That silly online quiz to help you determine which fast-food mascot you are may be mining serious information about you. Though it’s a bad practice, many online accounts rely on security questions to establish your identity, questions that are easily snuck into online quizzes.
Go digital and shred the rest
Your home or driveway may be advertising your wealth, making your post and your rubbish bins a target. Despite the well-publicised thefts of user data in recent years, an online account is in many ways more secure than mail, and generally less personal. Privacy experts recommend making the switch, and when you do get post that contains information about your health, finances, or family, make sure to shred it before you toss it.
Know what health data is being collected
When it comes to fitness devices, it’s worth making sure you understand what information is being collected and for what purposes. Go into the device settings to see what options you have. The EULA, or end-user license agreement, will have more information if you can read legalese.
Sources: The New York Times; Vox; The Washington Post; Fast Company; Massachusetts Institute of Technology; Consumer Reports; NPR; Goldman Sachs; ZDNet.com
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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