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In recent times, businesses all over the world have realized the significance of data and how it has become the key to maintaining businesses around the world. Cross-border data transfers have enhanced the agility and reliability of essential services.
However, This complex data transfers scenario across G20 economies has increased operational challenges for world business, says a new study by Salesforce and Access Partnership.
Salesforce’s new Data Beyond Borders 2.0 report reveals restrictiveness in global data transfer policies and suggests approaches for more consistent and trusted data transfer mechanisms.
Salesforce’s new Data Beyond Borders 2.0 report is an expansion of its 2019 report and shows how policies regarding data transfer are gradually evolving. The report has ranked eight regulatory dimensions that either enhances or hinders cross-border data flow in volume and variety.
Furthermore, the report has identified opportunities for the government to create exchangeable and accessible policies to maximize global data transfer with privacy.
Thus, the report sheds light on the fact that open data transfers are directly related to the recovery and growth of the global economy and vast new opportunities.
To begin with, the report mainly assesses G20 economies’ approach towards data flows across borders.
In this second edition of the report, Japan tops the CBDFI chart by implementing the most consistent data transfer policies and regulating framework for optimizing global data transfers while ensuring the privacy protection of data. The debuting Leaders like The United Kingdom and Singapore secured second and third positions respectively.
However, Free Trade Agreements and Digital Economy Agreements for maximizing cross-border data flow and reducing localization have shown progress.
The study not only analyzed G20 economies but also suggested actions economies can take to support global data transfer and encourage new innovations. Some of the recommendations are-
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