There is still a learning curve globally for the private and public sector in the collection of the use of data.
This is one of the major debates to take place at the annual World Economic Forum earlier this week in Davos.
Data fraud and theft and well as cyber security are listed in the top five of likely risk in their 2019 global risk report.
For Australia, 2019 will also see the first stage of the open data reforms beginning with open banking.
But what would global data regulation look like and could it be possible in the in the context of increasingly adversarial foreign policies?
Member of European Parliament, Marietje Schaake argued that data collection and use need to be to be within a framework of some core regulatory principles.
She addressed the need for regulation like the General Data Protection (GDPR) help protect the right for citizens and called for more international cooperation for global data regulation.
Schaake said that while regulation might mean slowdown innovative ways utilising data within the European jurisdictions, Schaake said that the leanings from the Cambridge Analytica’s misuse of data show that some framework should be firmly in place. This will ensure that there will be consequences for breaches and companies will be held accountable.
She emphasised that the international cooperation and the need for acknowledgment of mutual dependence during the rise of nationalism and fragmented legislation since supply chains are often international.
She said that while the GDPR has had an impact can be an impact on medium enterprises though it is something can be revised.
Ctrip.com CEO Jane Sun Jie said that international provider travel services use data to make sure that their consumers get products that are fit-for-purpose.
She addressed the issue of the global data regulation from the perspective business trying to observe ethical data stewardship.
The use of data can be helpful to help customers who might be impacted by disaster zones and she used the example of the of the volcanic eruption in Hawaii last year.
Sun Jie said that when it comes to data protection is that the first layer is encrypted data, then the firewall build-ups to protect their data sources and then employee training to what can be said.
She said that for companies using data it is important to get permission from customers and then be compliant within the relevant jurisdictions, she also stated that stated that the GDPR has acted as a deterrent to companies entering the European market.