The ubiquitous nature of data
The incredible explosion in the amount of data being generated, collected and shared is a phenomenon that has changed how businesses, and society in general, operate.
It is driven on multiple fronts – from online marketplaces, internet search platforms and social media to new communication services and Internet of Things devices. According to some estimates, more than 90 per cent of all data in existence has been generated over the last two years alone. Every day, the world produces around 2.5 quintillion bytes of data.
Innovative data-driven business models are being adopted across all kinds of sectors and industries. Businesses now have the ability to analyse larger volumes of data more quickly and more regularly, applying new tools and techniques powered by automated machine processing or artificial intelligence.
Politicisation of data sharing
In tandem with this exponential growth, the extent to which companies hold and process user information has become increasingly politically charged. Parliamentarians across Europe are more and more apprehensive about the practice of data gathering and sharing, and if this data is being used in an ethical manner.
Many policymakers are still surmising whether the new EU General Data Protection Regulation (GDPR) implemented in 2018 has gone far enough to protect users against the misuse of their data. Already, parliamentary committees, regulators, government ministers and officials are exploring the next wave of regulations, trying to get to grips with continual innovations in data practices.
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If you are interested in talking to us about these issues and how we can help your business navigate the emerging political and regulatory landscape, please get in touch.
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