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WEF Publishes “Rethinking Personal Data: Strengthening Trust”

Yesterday the World Economic Forum (WEF) Rethinking Personal Data initiative published a new report, Rethinking Personal Data: Strengthening Trust (PDF). The second report from the project (the first was Personal Data: A New Economic Asset Class) explores how the permissioned use of personal data can create tremendous value for all stakeholders in the personal data ecosystem — individuals, communities, organizations, and governments.

Produced in collaboration with The Boston Consulting Group, the report examines the key questions that need to be resolved to ensure long-term and sustainable value creation, including:

  • Who “owns” personal data?
  • How can privacy be protected?
  • What is the role of context in setting permissions?
  • How can organizations be held accountable?
  • What is the role of regulators?

Analysis and recommendations are divided into three areas: upgrading protection and security, agreeing on rights and responsibilities for using data based on context, and driving accountability and enforcement. “The focus on strengthening trust is exactly right,” said Respect Network Managing Director Drummond Reed, who is one of the contributors to the report. “There will be no personal data ecosystem without a solid foundation of trust, which is the entire reason the Respect Network started with the Respect Trust Framework.”

The report concludes with a call for leaders to work together to achieve a coordinated yet decentralized approach to this global challenge. The next step is a meeting of personal data expert meeting on June 14 in London following the Telco 2.0 New Digital Economics EMEA conference.

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