Setting a protocol for data flows is essential to support the upcoming generation of business opportunities and productivity while also protecting the services and goods that already rely on big data.
Tax and trade remain vital in talks between the US and Europe, where a new issue has arisen as a source of potential friction: the growth in global trade services and goods has levelled out, but cross-country data flows are continuing to rapidly expand. The difficulties in developing policies to protect security, innovation and privacy are huge already.
Large banks and financial technology businesses are testing approaches to accumulate, analyse and deploy data to manage risk and more economical services.
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The rules governing storage, transmission and collection of data are surprisingly controversial in transatlantic relationships. European partners and the US have varying positions about balancing citizens’ rights vs national security, personal privacy vs freedom of speech and market regulation vs free enterprise.
The regulatory uncertainty doesn’t benefit either side and can leave transatlantic companies struggling with conflicting rules. The Brexit vote in UK, the rise of populism in Europe and the election of Donald Trump have all had an effect on deal-making.
Efforts by European and US policy-makers to agree principles on the protection and usage of data have become extremely important. Common regulations such as a Transatlantic Charter for Data Security and Mobility can provide specific rules and principles despite political turmoil and evolving technology.
Providing a solid foundation for businesses in any sector to draft their individual standards to protect data will improve safety, productivity and customer peace of mind.
Setting guidelines for data storage and transmission remains crucial in protecting goods and services which rely on complex analysis and data gathering.
Endless lawsuits and embarrassing leaks will continue to create awkward situations for policy-makers unable to agree about issues surrounding defence, sharing personal data, law enforcement and cyber-espionage.
The Privacy Shield agreement between the EU and US allows businesses with transatlantic trade to transfer data, but it is often vulnerable to court challenges in Europe. Britain leaving the EU adds further complications, as it will need to establish its own data protection rules which may not align easily with the US or Europe.