Source: GDPR Report
The digital economy, the technology supporting it and the data fuelling it are growing at an exponential pace (some even talk of a Moore’s Law equivalent in respect of data). We see digital solutions now permeate all aspects of our life, from the ability to make mobile payments, to relying on real-time traffic apps to increase the efficiency of travel. What is less immediately obvious is that, as the digital universe expands, the data at its core is equally becoming more multifaceted and its role in the global economy increasingly central. This unprecedented expansion in turn means that changes are required in the way we regard and regulate who is responsible for data, and how it should be controlled, transferred, processed and shared. Failure to clearly identify how the increasing use of data fits in – and sometimes clashes – with existing traditional regulatory structures, and compensating accordingly, means a lost opportunity to optimise the value of data and its role in the new digital economy.
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