VICTORIA BISCHOFF: Why your data is priceless...and why it's essential you protect it

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Modern smartphones can bring you joy and anxiety in equal measure.

It's easy to forget just how much mobiles have changed the way we live. While once you used to carry around an A to Z, address book, camera and a wallet full of cards - all this is now on your phone.

It isn't just selfie-taking youngsters hooked on their phones.

For families, messaging apps such as WhatsApp, have become essential for keeping in touch with children and grandchildren.

In the space of a few years Smartphones revolutionised the way we live. But they bring joy and anxiety in equal measure

But they can be a curse as this gadget knows who you are, where you are and what you're doing. And it's not just our phones that are getting smarter.

Many TVs are connected to the internet, and soon even energy meters will be. Your computer knows what you are doing each time you press a button, and websites track what you're looking at when shopping online.

And as we explain today, even insurance firms are offering apps that track how you drive, and where and when you are going.

As technology speeds forward, data protection and privacy laws are struggling to keep up. How can we know how our data is used or what firms are allowed to do with it?

If companies are going to embrace new technology, we need to have an open and honest conversation about how exactly our data is being used.

We need assurances from the Financial Conduct Authority and Information Commissioner's Office that businesses which misuse data will face heavy penalties. Nothing is more valuable than personal data. Criminals have proven that they don't need much to hack into accounts.

So before you download that must-have app, ask yourself: would I share these details with a stranger or post them online? Until we get greater transparency and tougher regulation, it's the only way to control what big business knows about us.

Reckless credit

As Britain teeters on the brink of another debt crisis, banks, retailers and even car salesmen are still happily flogging expensive credit agreements.

Banks are increasing customers' credit card limits without being asked, car salesmen are handing out loans for top-of-the-range motors to people without jobs, and now we find retailers are pushing supposed interest-free, fee-free deals that, in reality, could triple the cost of someone's shopping.

As we highlight here, the problem with these 'buy now, pay later' deals is that customers don't view them as they would a traditional loan or credit card.

It doesn't feel like 'real' debt. Yet the consequences of missing repayments can be devastating.

On top of hefty interest charges and late payment fees, your credit rating could be affected. This may prevent you from getting a mortgage in the future.

These risks should be printed in bold, not buried in small print.

It's telling that as soon as we contacted some of the retailers and payments providers offering these deals that they were all too quick to make the charges clearer online.

But they need to go far further if they don't want their customers to end up drowning in debt. With an interest rate hike on the horizon, it's crucial people pay down debt, not rack up more.

Cancer cover

Thank you to everyone who has written in following last week's story on how insurance giants are overcharging cancer sufferers hundreds, or even thousands, of pounds for travel cover.

It is a real privilege to hear your stories — so keep them coming. This is an issue close to our heart, and we will be revisiting it again soon.

You can write to me at v.bischoff@dailymail.co.uk or to the usual address, Money Mail, Northcliffe House, 2 Derry Street, London, W8 5TT.