Data has powered the growth of the internet for decades by delivering innovative tools and services for consumers and businesses to connect and communicate. Today, the economy is increasingly fueled by the free exchange of data. Global data flows now contribute more to worldwide growth than trade in goods. The U.S. Chamber of Commerce has said that international trade by data flows reached nearly $700 billion in exports from the U.S. and nearly $500 billion in imports.
This continuously growing volume of data presents new challenges — as well as new opportunities — for organizations to build consumer trust. Governments around the world are paying attention to data privacy and responding with new regulations. But relying on regulations alone is simply not enough in an age when data is the currency of our digital economy.