SRAX Joins Big Tech Leaders and Interactive Advertising Bureau for Consumer Data Privacy and Compensation in 2019

By STS News Desk On Mar 28, 2019

SRAX Joins Big Tech Leaders and Interactive Advertising Bureau for Consumer Data Privacy and Compensation in 2019

California State Capital is First Stop in Making Changes that will Impact Ad Agencies, Brands and Consumers Across the Board

Social Reality, Inc., a digital marketing and consumer data management technology company, announces its involvement with the Interactive Advertising Bureau (IAB) and some of the biggest leaders in tech, including Hulu, NBC Universal, iHeartMedia, and more, to work with government officials as they consider state and national-level privacy legislation that will impact consumers, brands and ad agencies in 2020 and beyond.

In Sacramento, California, Senator Nancy Skinner, Assemblymember Miguel Santiago and others met with SRAX COO, Kristoffer Nelson, as well as big tech and media leaders, to discuss major changes that will influence change over The California Consumer Privacy Act of 2018 (CCPA), a bill passed in June 2018 to enhance privacy rights and consumer protections for residents of the U.S. state of California. The law, which will take effect on January 1, 2020, introduces new privacy rights for consumers and requires companies that conduct business in the State of California to implement structural changes to their privacy programs.

“As leaders in the digital advertising industry who cater to both brands and consumers, it’s our obligatory duty to ensure all sides are represented when it comes to big decisions impacting the future of consumer data privacy,” said Kristoffer Nelson, COO of SRAX and co-founder of BIGtoken. “As legislators evaluate potential amendments to the CCPA, it’s important they understand how data is used in digital advertising, including the many procedural and technical safeguards that are standard in the industry and differentiate data used for digital advertising from more sensitive types of data collection and use. A deep understanding of the entire ecosystem will be necessary before decisions are made that will impact jobs across the country.” Nelson continued, “We at SRAX and BIGtoken are proponents of sensible legislation that protects consumers while allowing for commercial data use that powers the digital economy.”

Across the U.S., the ad-supported internet creates 10.4 million jobs and contributes $1.121 trillion to the economy, according a March 2017 study conducted for the IAB by Harvard Business School Professor John Deighton. Notably, 44 percent of the jobs directly created by the ad-supported internet are with small and mid-sized businesses.

Advertisers and marketers have increasingly turned to Big Data and need a way to assure the information collected from target audiences accurately fits their business needs and the needs and rights of consumers. Moreover, most data is controlled by limited organizations, making it difficult for organizations to operate effectively, and limiting the value consumers can extract from products that give them transparency, control and compensation. Platforms such as SRAX’s BIGtoken, enables the secure and transparent transmission of data, protecting both users and advertisers, while distributing fair value to its users. As decisions are made that will impact large and small companies in the future, platforms like BIG are a saving grace for all parties involved.