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The hottest topic among world leaders right now: data governance

The World Economic Forum in Davos seems like a rager, with all those world leaders getting together to talk…economics and stuff. But actually, the hottest topic on the agenda this year is data governance, technology regulation and privacy. Who’d have thought? In fact, Japanese Prime Minister Shinzo Abe established data governance as a key theme of the upcoming G20 summit. Not surprising, given the USA and Japan just started a deal to share fingerprint data. But this summit is a pretty big litmus test for what the world’s biggest economies have on their priority list.

THE TAKEAWAY:

“The direction of international tech regulation and data governance will very likely be shaped by any national laws that might be in place by the time the G20 meeting rolls around. Europe already has comprehensive legislation in place, but things are still taking shape in other parts of the world.”

Japan and the EU kick off a data sharing deal

Oh hey, Japan again. What’s up, Japan? Data sharing is up. The European Union struck a deal to share information with Japan, and as a result, the two countries have helped create a massive free trade zone. It’s all a precursor to the “Society 5.0” framework that Japan is pushing, which is all about trade based on information and free-flowing data. Sounds pretty cool, and this deal shows that it’s happening.

THE TAKEAWAY:

“In Society 5.0, it is no longer capital but data that connects and drives everything, helping to fill the gap between the rich and the less privileged. Services of medicine and education, from elementary to tertiary, will reach small villages in the Sub Saharan region. Girls who have given up going to school will see, beyond their own village, a wider horizon where the sky is the limit.”

Free-flowing data the key to regulating Australian banking industry

At least, that’s what a massive government commission has just announced. As part of an investigation into corruption in the banking system, the report recommends that Australia’s financial regulators be able to share information. But not just any information – real-time information.

THE TAKEAWAY:

“I recommend that each regulator be subject to a requirement to notify the other whenever it forms the belief, based on information available to it, that a breach may occur, or may have occurred, in respect of which the other regulator has enforcement responsibility.”

Cambridge Analytica whistleblower now consulting for…H&M?

Okay then…weird but true. Christopher Wylie is better known as the whistleblower who let everyone know about the Cambridge Analytica scandal. Now he’s consulting for the fashion company H&M, and when you think about it, it actually makes a lot of sense given how much of the company’s data is regulated and locked-down. His first goal? Mining data to figure out how H&M can better meet customer needs.

THE TAKEAWAY:

“But with H&M, “everything that it does when it comes to data goes through a compliance process and lawyers review everything,” he said. “Beyond that, there is an ethos within the company that really does boil down to ‘are we doing good and the right thing for our customers?”