Strengthening International Ties Can Support Increased Convergence of Privacy Regimes
5 February 2016European Data Protection Law Review
The Internet has become today’s global trade route, and personal data is one of its major currencies. The growth in the digital economy is impressive. One study found that economic activity taking place over the Internet is growing at 10% per year within the G-20 group of nations. In the United States (US) alone, one estimate found that companies exported nearly $360 billion in digitally deliverable services in 2014. The digital economy now drives countless aspects of the world economy.
Much of this economic activity depends on exchanges of personal information, and that makes appropriate privacy and security protections essential. That also means that minimising barriers to the transfer of information across borders is important to economic growth. Given the expected increase in the size and scope of the digital economy, as well as changes in technology that make data collection, analysis and sharing practices easy and seamless, creating convergence and synergy between these two imperatives will become increasingly important.