The use of your data for commercial purposes is only increasing. The nFADP adapts and evolves to regulate these practices in order to better protect your interests.
Let's talk about your data!
Data storage has always existed.
Long before the arrival of the internet and digital tools, your information was preserved in filing cabinets.
Trust was therefore a central factor when you shared confidential content: bank accounts, salaries, addresses, notarial documents, etc.
What has changed in the digital age? Speed and transmissibility.
With just one click, I can access all your history. With just one click, I can share it with thousands of people. With just one click, I can erase your data. With just one click, I can sell your information to the highest bidder.
Who exactly are we talking about?
Social networks are huge players in the monetization of your personal data. We're talking about Meta with Facebook and Instagram, Tik-Tok and X (formerly Twitter).
How?
Reacting to posts, watching a video clip, searching in your browser, even just reading this article... Everything is stored in servers, the so-called 'cloud'. A romantic name for server farms established all over the world.
Have you ever wondered, "Why do I have this interesting ad that pops up spontaneously without me asking for it?"
The algorithms of networks and platforms work in such a way as to build your profile, your habits, etc. And link content that might be of interest to you to your user experience.
In return for remuneration for advertisers and sellers, of course.
But if everything is regulated, what's the problem?
Who hasn't thanked streaming platforms such as Netflix by suggesting a new series?
They use viewing data to recommend similar shows and movies, providing a more personalized experience.
Also, the collection of personal data can be useful in security and the fight against fraud. Preventing fraudulent activity, such as phishing, a common method used to steal identities.
Every day, cybercriminals try to hack into banks or government institutions to obtain confidential information, such as passwords, credit card numbers, transaction history, etc.
Another sector that benefits from this approach is healthcare.
Scientific and medical research requires a certain amount of data to improve diagnosis and treatment, by analyzing symptoms and responses to treatments.
It is also used to monitor epidemics and diseases and to anticipate an effective response.
The dark side is the lack of regulation or the lack of updates to the relevant laws, which are supposed to protect your personal data.
After all, why tolerate the unlimited enrichment of a few individuals who dominate the digital data market by exploiting your own data without your prior consent?
A necessary new law that must adapt to change
The aim of the new law in Switzerland is precisely that it is necessary to limit and allow at the same time. This is the Data Protection Act (nFADP).
It is becoming more appropriate in relation to technological developments.
The main changes are:
- Only natural persons (you and me) are covered and no longer legal persons (companies).
- Genetic and biometric data fall into the category of sensitive data.
- Introduction of "Private by Design": Developers must integrate the protection and privacy of users into the very constitution of the product or service that is intended to collect personal information.
- Introduction of "Privacy by Default": Without any user intervention, software, hardware and services must be configured with user privacy in mind. If this is not respected, take all necessary measures to limit its use in order to ensure the highest level of safety as soon as the product or service is put on the market.
- The duty to inform is extensive: All collection of sensitive and personal data must be authorized by the data subject.
- In the event of a data security breach, prompt notification is required to the Federal Data Protection and Information Commissioner (FDPIC).
In general, one of the main challenges of the new law is to find a balance between Swiss law and European law, in particular the European General Data Protection Regulation (GDPR).
The free flow of data should be preserved thanks to the nFADP, which would prevent Swiss companies from losing competitiveness.
Milenia's responsibility
Milenia is a responsible player.
The protection of your data has always been a priority that we take to heart.
All exchanges with our advisors are confidential.
Our handling of personal data coincides with the new nFADP regulations.
We know that the importance is increased when it comes to talking about funding, it is our duty to obtain the consent of the data subjects before collecting, storing or using their personal data and informing them.
But also to comply with the legal deadlines for data retention. Once the data is no longer needed, we destroy or anonymize it.
In addition, we ensure the accuracy and integrity of the data.
This involves putting procedures in place to verify and validate the information collected.
Milenia, a sensitive player who excels in the management of your data
It is essential that we are aware of how we handle data, to ensure that we understand and comply with data privacy and protection standards.
We want our relationships to remain fundamentally human and that our advisors are committed to protecting your interests.
Experts are available to help you take personalized steps. Personal loans, mortgages, unemployment insurance, credit cards, cleaning up your financial data...
Currently, Milenia offers one of the best solutions in terms of digital strategy.
Our digital approach combines a financing platform built with you, our customers, in mind, and fast and secure methods of communication and information sharing.
We are the leading credit provider in Switzerland because we offer a service that goes beyond what you can expect.
Whether it's in digital, in funding proposals or in human relations.
We are the springboard that galvanizes your projects.
Let's move forward together, safely while respecting your personal information!
