Reputation and privacy are at the heart of any conversation about what it means to live in a connected, digital world.
The codes and regulations that govern our reputation and privacy are currently being debated the world over.
In Europe we have the advent of the new General Data Protection Regulation at supra national level, whilst at a national level in England and Wales our privacy laws are being debated in the context of press intrusion, the implications of which span from the UK to the United States.
Although there are some big questions at play, one thing seems clear: the fundamental rights to reputation and privacy are more important now than they have ever been.
Technology is one of the fundamental drivers. The rate at which humankind is producing information is exponential. In the connected, digital world this information is indexed and stored by search engines so that we can find it online.
That means it is easier to gather information about your next holiday destination, but in a commercial context it has other implications. If you want to conduct an investigation, background check or due diligence on a company or individual, the nexus of information now available from your desktop is staggering, assuming you know where and how to look for it.
Some information is obtainable from legitimate sources such as court records, property registries and company databases. Some is obtainable from leaked or hacked information and resides in the darker recesses of the Internet.
This information paradigm has huge reputation and privacy implications. We all share our data with third parties and we trust them to look after that data. The reality though is that a shadow market operates in the online world.
As soon as a new social media tool is launched there will be a host of shadow tools designed to expose the privacy loopholes in the these social media sites.
The question is, do you really know what your digital footprint is? Not to the casual Googler, but to the sophisticated operator of the deep and dark web. How do you know if the information that banks access about you is correct? How do you assert a right of reply in this situation? How can you protect yourself and your business from cyber criminals or those that want to damage your reputation?
From a commercial point of view there are huge opportunities in the current environment, but also risks. If you are a successful business owner, you know that there is a big political move towards transparency. Legitimate transparency is essential to the healthy functioning of markets and societies. But for every legitimate proponent of transparency, there is a hacker out there that seeks a different kind of transparency.
We are now living in what has been referred to as the 'reputation economy'. At Schillings our job is to help ensure the safe and fair operation of that economy.
This article was first published in the Business Debate on the Wall Street Journal in June 2016. Click here to read the original article and to watch a filmed interview with David Imison.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
