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Illustration: Sarah Grillo/Axios

The grand bargain of the digital age, in which consumers have traded their data for free services, is coming apart. And it may be too late to regain control of the personal data that's been bought, sold and leaked all over the web for the past three decades. 

Why it matters: If information is power, our lackadaisical approach to safeguarding details about our lives has made a handful of companies more powerful than we ever expected, and it's made consumers more vulnerable than ever.

  • A majority of Americans (64%) say they have personally experienced a major data breach, according to Pew Research Center.
  • Americans listed privacy of data as the top priority companies should address, beating issues like poverty and gun violence, according to the Axios-Harris Poll 100.

Here's what it's come to:

The big picture: A reckoning is underway. Major tech companies have announced sweeping changes to their businesses, with privacy — or at least their own versions of privacy— in mind.

  • Just this week, Facebook CEO Mark Zuckerberg said the company will rebuild all its services and apps around several privacy-focused principles, a major departure from how the company has positioned itself for the past decade.
  • New online models that prioritize more data control are beginning to take shape, like innovative data storage and transfer mechanisms and new ways of thinking about data ownership and portability.

Yes, but: The reckoning will happen slowly, and few people have said they'd be willing to pay to access services.

  • The majority of respondents in an Axios/SurveyMonkey poll say they're unlikely to pay for a company to not track their personal data.
  • Business models are cemented around the capture and trading of personal information, and consumers are still hooked on the free, real-time services they get in exchange for that data.
  • Surprisingly few consumers are taking meaningful action to restrict access to that data, or even read privacy policies. There's also no clear way for consumers to see how their data is priced and bartered.

Be smart: Giving consumers more control of their data also means they'd have to take more responsibility for it and actively manage it, like managing financial accounts. And there's going to be a lot more to manage over time.

What’s next: In 2025, each connected person will have at least one data interaction every 18 seconds — or nearly 5,000 times per day, according to a recent IDC white paper.

  • Somebody's going to benefit from all that information.

Go deeper:

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

Dave Lawler, author of World
1 hour ago - World

Biden holds first phone call with Putin, raises Navalny arrest

Putin takes a call in 2017. Photo: Handout/Anadolu Agency/Getty

President Biden on Tuesday held his first call since taking office with Vladimir Putin, pressing the Russian president on the arrest of opposition leader Alexey Navalny and the Russia-linked hack on U.S. government agencies.

The state of play: Biden also raised arms control, bounties allegedly placed on U.S. troops in Afghanistan and the war in Ukraine, according to a White House readout. The statement said Biden and Putin agreed maintain "consistent communication," and that Biden stressed the U.S. would "act firmly in defense of its national interests in response to actions by Russia that harm us or our allies."

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.