However, that cheap bench became a battleground when my then-fiancée and now better-half first moved into my home. She didn’t like the bench, and despite not caring for it much myself, I felt gutted when she suggested we get rid of it. "But it's my bench," I whined. We argued for a week about that bench, and eventually, she won. That, my friends, is the endowment effect on full display. Something I didn’t value before I owned it suddenly became valuable to me when faced with the prospect of losing it.
So although the news of Facebook’s Meta’s precipitous and overnight $232 Billion in market cap decline is a few weeks old, I couldn’t help but think of Mark Zuckerberg this week when the Irish DPA handed down more tough news, likely erasing another $10B in revenue. As we all collectively mourn Mark’s metamorphosis from wealthy billionaire to slightly less wealthy billionaire, I can’t help but wonder whether, underneath his Meta Quest headset, he feels sadness at losing something he once had. Or perhaps in the metaverse, he is surrounded by virtual clouds with silver linings.
However, the news of his financial loss was quickly overshadowed by other global events...
What would have been front-page news on any other day is not even found above the fold as the media diverts our attention towards the brewing war in Ukraine. So this week, news in the world of data privacy has been oddly quiet as we all hope that World War 3 can be averted. As we learn more about Putin’s motive for attacking Ukraine, it looks more and more like the endowment effect is in play here. Although Ukraine’s independence has posed nary a threat to him, some political pundits have theorized that Putin primarily wants Ukraine back because it was something that Russia once owned, so he values it.
To the thousands of Privacy Insider readers who are being impacted, know that all of us at Osano are thinking of you.
Until next week,
Top privacy stories of the week
Google plans to curtail cross-app tracking.
Google announced plans to limit tracking consumer behavior across apps on Android smartphones. After Apple upended the digital-ad industry with its restraints last year, Google’s plans could deliver the final blow. But unlike Apple, Google’s approach and timeline are open-ended, so there’s more to come on how they'll balance privacy and business, especially with increased scrutiny in Europe. Read More
Proposed UK IDTA expected to be approved.
The UK’s International Data Transfer Agreement (IDTA) and Addendum are expected to be approved by Parliament and go into force on March 21, 2022, barring any objections. It’s welcome news for UK organizations as the proposal details safely transferring personal data to service providers and companies outside of the UK/EEA. Read More
Decision expected from Irish DPA on data transfers
The Irish Data Protection Authority (DPA) has sent Meta a preliminary decision concerning Meta’s data transfer practices. The draft ruling has implications beyond Meta as thousands of businesses rely on the transfer of data between the EU and the US. Meta will have time to respond before a final decision, but it adds mounting pressure for the EU and US to forge an agreement on data transfers. Read More