Security of personal data and files is a continuous concern in today’s data-centric world. With big tech companies collecting user data from consumers across different countries, data localization has been one answer that has led to clashes between tech companies and the governments. This is also becoming an issue for banks and financial institutions that are moving customers’ data between countries.
The International Regulatory Strategy Group (IRSG), a London-based group of senior leaders from the UK-based financial and services industry, has released a report about the matter. The report addresses the increasing protections from governments across the world in the form of data localization.
[From the IRSG report] the current landscape of data privacy regulations across different countries.
The practice of building storage servers in every operating country is a costly endeavor that increases costs for customers and suppresses growth. The IRSG says the data can be sufficiently protected without forcing banks to localize. They urge countries to develop existing standards and base their data protection on a set of common principles. Furthermore, lawmakers need to consider the increasingly data-driven world and trade agreements could be used to reduce the need for local data storage.
You can read the full report from the IRSG here.
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