Promoting Financial Rewards for Use of Personal Information

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Published: 14 August 2018

Companies and governments are devising strategies for how to manage the personal information of users of online services.

Introduction

In many countries, data broker firms are thriving that buy personal information from individuals and sell them to corporations. In the Republic of Korea, efforts are needed to promote a market for personal information considering that personal information is among the key elements of the Fourth Industrial Revolution. However, the idea of providing financial rewards for use of personal information needs to be carefully examined from various angles such as the method of consent (e.g. opt-out) and data security, given that personal information is strictly protected in the Republic of Korea.

Soonho Lee
Senior Research Fellow, Banking and Insurance Industry Division, Korea Institute of Finance

His research areas are economics theory, auction theory, industrial organization, and consumer credit. He obtained his bachelor’s and master’s degrees in Economics at Seoul National University, and his Ph. D. in Economics from the University of Illinois at Urbana-Champaign. He has worked as research assistant at US-based National Bureau of Economic Research.

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