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News: Experts globally have been voicing the need for an international solution for data protection and regulation on the lines of Bretton woods arrangement of the 1940s.
What is the need for an international approach for data protection standard?
Currently there are broadly three different approaches to data governance being practised by countries around the world. As we are getting increasingly dependent on data for almost everything we do, these divergences will cause complications.
It will promote cooperation between the countries which will help us to achieve global objectives.
If there is an international approach to data protection standards, it will lead to enhanced public trust and then stakeholders will be able to unlock the full potential of data driven innovation.
What a good international approach should focus upon?
It is not necessary that all countries in the world enact a uniform global law.
Instead a global alliance can be created, membership to which would be open to nations with a demonstrated commitment to data protection. They will be free to fine tune these according to their respective needs.
This will require setting up a new multilateral institution for data that can be tasked with the responsibility of coordinating a regulatory dialogue between nations in order to achieve a sufficient level of regulatory harmonization. This organisation can be created on the lines of Financial Stability Board.
A common global institution will ensure that a common set of technical standards and protocols are developed for all aspects of data governance. Upon agreeing to some common framework members can incorporate these into their national systems which will ensure that there is global interoperability.
Source: This post is based on the article “We may need a Bretton woods pact of data regulation” published in Live Mint on 9th Mar 2022.
