New data laws could add £4.7bn to UK economy - Business Leader News

New data laws could add £4.7bn to UK economy

Parliament Chiefs are investigating how the Data Protection and Digital Information Bill can add £4.7 billion to the UK economy over the next 10 years, detailing modern laws for a data-driven era.

The bill looks to tackling nuisance calls with bigger fines and drawing more focus upon improving trust over how data is being used, helping to fix issues of cookie pop-ups, tackling nuisance calls with bigger fines and data handling practices, which businesses can use to protect consumers.

The regime will modernise the Information Commissioner’s Office with the creation of a statutory board with a chair and chief executive to ensure data adequacy with the European Union’s General Data Protection Regulation (GDPR).

This comes as the UK hosts Global Cross-Border Privacy Rules Forum later this month, which will see data experts join together to discuss and participate in workshops on global approaches to privacy.

Businesses shall also be granted greater flexibility to protect personal data, but have the responsibility to maintain high data protection standards.

Sridhar Iyengar, MD of Zoho Europe said: “Businesses and their customers continue to be more conscious and concerned about data privacy in what is rightly described as the data-driven era we are living in. We welcome the government’s move to implement further steps for companies to be more transparent about data usage.

“Industry regulation should continuously scrutinise companies with questionable practices around data privacy. For example, customers can be deterred from reading lengthy terms and conditions surrounding use of their data when signing up to work with certain partners or use certain services, and often just sign without knowing how their data may or may not be safeguarded.

“This data could be monetised by other companies to use, sometimes in unethical ways, and it is the duty of businesses and regulators to ensure best practices are upheld and customer data is properly protected.

“It should be a priority for businesses and software vendors to educate the market on how businesses can both safeguard themselves and their customers effectively when it comes to data. This education, coupled with new regulation and industry guidance will ultimately help to enhance customer experience and trust.”

The government will work alongside industry leaders and the Information Commissioner’s Office to ensure technology is readily available to help people set their preferences automatically and make it easier and faster for people to verify their identity digitally. This will be done by establishing a framework for the use of trusted and secure digital verification services.