A new approach to personal data is needed to strike a balance between protecting individuals and unlocking innovation, according to a new World Economic Forum report released on Thursday, Feb. 28.
The report, ?Unlocking the Value of Personal Data: From Collection to Usage,? was done in collaboration with The Boston Consulting Group (BCG).
The study highlighted outcomes from a nine-month multi-stakeholder dialogue on personal data, from business, civil society, and government sharing insights on new ways to unlock social and economic value.
Additionally, key government initiatives ? particularly the proposed European Commission Data Protection Regulation and the US Consumer Privacy Bill of Rights ? were discussed.
?The world has changed, yet our current approaches to managing personal data have not kept pace,? said Alan Marcus, senior director of it and telecommunications at the World Economic Forum.
?We need to shift away from trying to control the regulation of data itself and to focus on the management of how data is used.?
A key insight from the report notes that the age of Big Data creates new opportunities and risks, especially as they relate to the privacy of individuals.
A richer appreciation for context and new ways for engaging individuals beyond current notice and consent practices are key priorities on which global leaders should focus.
Additionally, policy frameworks that focus on how data is used ? rather than pre-emptively governing the data itself ? are seen as critical for a balanced and sustainable personal data ecosystem.
?To unlock the value of data, we need to shift to a usage-based, contextual approach to managing rights and permissions,? said John Rose, senior partner at BCG.
?Companies will have to establish principles and codes of conduct, develop tools and processes to manage compliance with them and rethink the way they engage consumers to ensure their trust.?
The report calls for establishing an updated set of principles and the means to uphold them in a hyperconnected world. In this light, there is a need to raise awareness on how technology can play a role in upholding principles by allowing permissions to flow with the data.
Lastly, the report calls for greater evidence and ?learning labs? for understanding the impact of when policies are implemented in the real world.