DOES DATA PROTECTION HINDER BUSINESS COMPETITIVENESS?
Data is central in the fourth industrial revolution or Industry 4.0. Given this, how does Europe’s General Data Protection Regulation (GDPR) impact companies’ competitiveness?
As Industry 4.0 increases the value of data, integrating processes through data networking, GDPR’s impact comes further to light. The regulation, which came into effect on 25 May 2018, guarantees protection of personal data.
While the GDPR is said to level the playing field in data economy, there seems to be a tradeoff: data collected cannot be incorporated in to the business model, constraining the development of businesses.
In a session on Industry 4.0 at the Jeju Forum 2018 in Korea, one of the proposals was to develop a new policy that could provide an additional trust layer among the actors in the market: a company-level data security regulation to allow safe data referencing and exchange within and between companies.
Watch the video here.