After the recent news of Freddie, Fannie, Bear Sterns, Lehman Bros, Merrill Lynch, and AIG, I got to thinking about how much of my work is online—Google Docs, Gmail, WordPress, Wikidot, etc. If our highly-regulated banking industry can fail, why not these young unregulated internet sites?
Should there be an FDIC equivalent for the “banks” that hold our information? Would that help? How would that work?
Apparently I’m not alone in my (1) use of cloud computing and (2) nervousness about it. The Pew Internet & American Life project released a study (pdf) stating (among other things) that 69% of American households store information online or used a web-based software application and that the vast majority of these users are worried about it.