EDITOR ’ S QUESTION
When we look at the differences between the US and the EU , it is clear that the EU is light-years ahead of almost all governments in the world . This reality is simply a reflection of the difference in expectations between the EU and the rest of the G20 when it comes to security , privacy and risk that their citizens are exposed to .
For more than a decade , the EU has been quietly , but diligently building a consumer protection framework for their citizens that is much broader and deeper than just the General Data Protection Regulation ( GDPR ). A host of directives and regulations were created have addressed issues ranging from digital market access and transparency to cross-border online transactions . The Digital Single Market Directive – which many of these changes originate from – was adopted more than three years before GDPR .
Ironically , a large percentage of the world has diluted the value proposition of the EU ’ s data privacy efforts and strongly resisted taking a consumer protection-oriented approach to their digital safeguards . The words ‘ onerous ’ or ‘ burdensome ’ are constantly tossed around in the halls of American legislatures and board rooms , which highlights a critical misunderstanding .
The Digital Single Market is a strategy aiming to make Europe a leader in the global digital economy .
The EU ’ s reasons for embarking on a digital single marketplace were only partly associated with the noble ideal of keeping the people of the EU digitally safe . The EU ’ s mission statement is emblasoned on its website and it reads as follows : “ The Digital Single Market is a strategy aiming to make Europe a leader in the global digital economy .”
The combination of consumer protection and a drive toward being the leader in the global digital is the secret weapon to the effectiveness of GDPR . The US , in particular , finds itself at a severe disadvantage as a digital global giant simply because the government refuses to even begin the journey toward data privacy and consumer protection regulations in the planful way the EU has .
GDPR helps to protect cross-border payments and customer data by giving individuals more control over their personal data , including the right to access , correct and delete personal data held about them . It also requires organisations to obtain explicit consent from individuals before collecting , processing or sharing their data .
Additionally , GDPR imposes strict rules on data processors and controllers , including the requirement for organisations to appoint a data protection officer and implement robust data security measures to protect personal data from unauthorised access or disclosure . In the case of cross-border payments , GDPR also ensures that any data transfer outside the EU or European Economic Area ( EEA ) is done in accordance with appropriate safeguards to ensure the protection of personal data .
When we consider these key components of a holistic approach to both the privacy and the security of EU citizens , it is easy to see how the EU is successfully moving toward the goal of being the leader in the global digital economy . �
RICHARD BIRD , CHIEF SECURITY OFFICER , TRACEABLE www . intelligentfin . tech
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