As the pace of technological innovation accelerates and the sharing of data across borders is more prevalent, the collection, creation, use, transfer, and protection of data is increasingly subject to legal, regulatory, political, and societal scrutiny.
Economy, this is reliant on timely access to
data. Facilitating safe and practical methods to ensure data is
protected needs new tools to be developed to support the reality of
global and dynamic data flows.
However, achieving
compliant data sharing is increasing complex, costly and risky. The
current mechanisms are heavily focused on legal, binary and simplistic
data transfer scenarios (i.e. via contracts) or adequacy assessments (of
which there are very few, takes years to implement and can be revoked).
The IRSG has published a new report exploring the current
trajectory of current data transfer restrictions, and the impact that
this could have on financial services firms and their customers. The
paper also propose a number of recommendations as to actions and
measures that can be taken to better achieve a consistent level of
protection to allow data flows today and in the digital world of the
future.
full paper
IRSG
© IRSG - International Regulatory Strategy Group
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