“Data is the new oil,” is a phrase attributed to Clive Humby, a data science innovator in the UK who coined the term in 2006. Since then, the concept has been adopted by both business and economics communities — even making it to the cover story of a May 2017 issue of the Economist:
“The world’s most valuable resource is no longer oil, but data.” As we become a more connected society, thanks in part to the internet, our individual data footprints are also growing. Rules and regulations around data privacy, however, have been loose, to say the least. That is until earlier this year when the General Data Protection Regulation (GDPR) was passed–a significant step forward for data privacy.