Consumers need better control over how their personal data is collected and used, a paper published by the Bank for International Settlements argues.

Siddharth Tiwari, Sharad Sharma, Siddharth Shetty and Frank Packer note that privacy laws tend to grant people rights over their data. However, much data ends up being “walled off in silos” by big tech firms, which represents a “significant cost to consumers and society”. Meanwhile, small firms often cannot take advantage of data they generate.

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