Privacy in the data economy

Against the backdrop of an increasingly connected and data-hungry world, there has been a paradigm shift in how integrated and intertwined people becoming with each other.

With the increase in perceived value of personal data, the rise in the use of data for profit and advent of technologies such as big data analytics and artificial intelligence, there is a compelling need for governments around the world to come up with regulations for preventing the misuse of personal information.

Governments, at the same time, are faced with the challenge of ensuring that the cost of privacy and protection of personal data are not onerous for enterprises. Even developed economies around the globe, with already mature data privacy and protection laws, are undergoing revisions to address the challenges and threats of the twenty-first century. It is of paramount importance that jurisdictions with weak or no privacy regulations address these concerns promptly.

Most of the privacy laws and regulations are focused on individual rights, data protection, breach identification and notification, and enforcement and consequence management. As the new data privacy and protection regime plays out, timely planning and action will help organisations continue their business as usual and, more importantly, enhance business reputation.