Open Cross border data transfer is eminent for restoring economic growth: Salesforce’ Data Beyond Borders 2.0 report
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 Data Beyond Borders 2.0 report
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.
Key findings of the report
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.
The crucial findings of the report are
- There is an increase in restrictions in cross-border data transfers: Over the years, the data policies across all G20 economies have become costly and restrictive in terms of data classification. Owing to this, it has become essential to prioritize the matters of localization, storage, and processing of data within borders.
- Increase in variations in cross borders data flow needs: There is a huge diversity in Privacy laws across G20 related to the requirements of cross borders transfer of personal data. This variation in restrictions has been increasing and is causing complications in regulations which in turn is reducing transparency and clarity on rules.
- Less international co-operation in data flows: Despite some international commitments promoting cross-border transfers, nothing much has been done towards lessening localization mandates or framing regulations for global interoperability.
However, Free Trade Agreements and Digital Economy Agreements for maximizing cross-border data flow and reducing localization have shown progress.
Recommendations for leaders to promote cross border flow
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-
- Support convergence and exchangeability in Private laws.
- Widen bilateral and multilateral agreements for more accessible data.
- Set trusted data sharing model as the default framework.
- Promote innovations through progressive policies.
- Digitalize business and government services.
Conclusion
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