“Many companies are lagging behind current data privacy requirements. By prioritizing best-in-class privacy practices, companies can reduce the risk of security incidents and demonstrate their trustworthiness to customers.”
Facial recognition has emerged as a powerful biometric technology. Revelations about its use in the public domain and by law enforcement have fueled discussion about ethical concerns and corresponding legislative efforts to ban or limit its use.
“Recent history is littered with examples of regulators being caught short by disruptive innovation and reacting suboptimally. Agile regulators lean into the latest technology trends and proactively shape them, using foresight methods to identify possible futures and make preparations to adapt.”
“Now, with the Fourth Industrial Revolution underway, the model for trust must evolve once again. In a complex and ever-changing environment, we need a new model, Trust 4.0, that builds a bridge across tribes, cultures and systems; from peer-to-peer networks to top-down structures.”
At the WEF Center for the Fourth Industrial Revolution, interdisciplinary teams of experts and government representatives are applying a new strategy. They’re using a faster-paced, iterative and experimental approach to exploring regulations for new-edge technologies such as blockchain, drones and personalized medicine.
Complying with GDPR is a multifaceted undertaking that involves companies getting permission for various things, such as user tracking and data transfers. As the effects of the law begin to unravel, ad buyers, publishers, and tech firms have accused each other of passing the buck when it comes to obtaining user consent.
Of more than 2,500 people surveyed, 83% thought regulation was needed – and 62% believed it was on the way within the next few years. Older respondents were most in favour of Wall Street-style controls on Silicon Valley, with 62% for, in comparison with 47% of Gen X, and 44% of millennials.
Compliance with IT security and data privacy regulation is of growing concern to most European organizations. Businesses large and small are scrambling to assess their General Data Protection Regulation (GDPR) readiness, with less than a year to go until its implementation on 25 May, 2018.
Source: Digital Lifescapes