In today’s technology world, data has become the backbone for which almost everything runs; from sending a tweet to paying the bill. It is however unclear as to how these data are secured, accessed and how long they can be held.
Most law makers around the world have tried to find a solution to this critical issue through the enactment of various laws and regulations which have in most cases not efficiently tackled with the system due to varied ways of usage of data in the electronic divide and other auxiliary channels of conversions.
The European Union is no exception to this seaming threat as they are on course to releasing their data regulating instrument likely in 2018, which is likely to be a game-changer for the banking and finance sector as elaborated by Ronald van Loon in his “The Future is Bright for Banking” post, where the future possibilities for banks and the tech industry was brought to bear.
The African perspective isn’t so clear on the topic as stake holders in the region are working around the clock in some countries like Ghana, South Africa, Kenya, to name but a few to institute sound laws and regulation to effectively manage data in their respective countries.
The Asian continent has dealt relatively better in regard to the topic even as it is not true for others. Law practitioners insist of disparate data protection laws which does not look good for the continent as a whole in terms of data protection for cyber users.
The American continent has a good sense of lead in the general public of better regulation for the cyber users yet privacy practitioners agree otherwise.
Issues of privacy is a critical issues but its regulation is a tricky one, as leveraging one part of data could compromise another part of data and on and on and on. The evident sensitivity of it and the need to regulate it has often left governments around the world in a tight corner as they try to deal with the situation.
To be continued…