Amid continued debate over transparency in how organizations use consumers' data, executives from Salesforce and PayPal advocated for new regulations to protect consumer privacy during a panel at the 2020 World Economic Forum, CNBC reports.
During the discussion in Davos, Switzerland, on Jan. 21, Keith Block, co-CEO of Salesforce, reportedly suggested the U.S. follow in the footsteps of the European Union, which enacted the widespread General Data Protection Regulation in 2018.
"You have to applaud, for example, the European Union for coming up with GDPR, and hopefully there will be a GDPR 2.0," Mr. Block said, per CNBC. "There is no question there needs to be some sort of regulation in the United States. It would be terrific if we had a national data privacy law; instead, we have privacy by ZIP code, which is not a good outcome."
PayPal CEO Daniel Schulman agreed during the panel that new guidelines are needed to protect consumers, especially from large tech companies that have been revealed to be gathering massive amounts of data, much of it without consumers' explicit knowledge.
"At this point, if you look at the typical terms of acceptance — and people are reading this on a mobile phone right now, and they are like 45 pages long," Mr. Schulman said. "Nobody reads them, and they just check 'I agree.' … That does nobody any good in terms of protecting privacy."
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