Advertisements are what bring money into the coffers of internet companies. It is hard to imagine how a company would ever become rich without it. Online advertising has grown into a billion-dollar industry that propels internet growth. More or less, 96 percent of Google’s and 85 percent of Facebook’s revenues are produced by this potent marketing tool.
Privacy issues have forced the government to keep an eye on advertising companies. Online advertisers are in hot water because the government wants to give internet users better control over their personal information. Under the policy of self regulation, the industry has flourished, which is why this is the same policy that most companies endorse. It means that advertising companies would police their own ranks as to the collection and use of personal information of consumers.
There have been adverse reactions in last year’s disclosure that two of the largest companies were engaged in dishonest privacy practices. The problem is still the same, that is, the unauthorized collection and sale of user information to advertisers. In some way, the event has badly affected the argument for self-regulation.
Too much regulation does not support improvement and suppresses the development of the internet itself. This declaration emerged as a result of the continuing talks on the so called “privacy bill of rights” and the “do not track” system. The government’s framework to outline how consumers can protect their personal information is embodied in the bill. The industry’s proposal to give more options on whether or not to allow the collection of users’ personal information is contained in the do not track system.
Online advertisers, after some time, have learned a lesson from the mistakes that happened in the past. If they are going to be satisfied with self regulation, then they have to defend it. They have to consider the privacy of internet users whether or not the privacy bill will be approved and implemented sooner or later. Their efforts should focus on addressing the lack of control over the collection and trading of data to advertisers. Dishonest practices expose internet users to threats because their online behavior and real-life identities are compromised.