Data privacy regs abroad put even finest digital tools to the test

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Digitally enabled trade continues to expand with some estimates valuing the global market as large as $1.5 trillion, pushing society into a new phase of globalization and transformation.While these new technologies present vast opportunities for the future of commerce and payments, it simultaneously exposes considerable security and privacy risks.These new opportunities have also brought new challenges related to disparate privacy and cybersecurity regulations across international borders. In response to ongoing calls for intervention, more than 100 countries across the globe have passed legislation to protect consumer data. Unlike regional policies that affect entire groups of countries, these laws are often country-specific and have varied requirements. Some countries have enacted legislation to target payments and finance data. These regulations require financial organizations to keep track of and remain compliant against a series of varied laws — ranging from what Basel III capital level banks need to meet in countries like Russia, to requiring written permission from the State Bank to transfer records and documents in Pakistan.As a result of country-to-country inconsistencies, financial organizations have been particularly affected by regulations. In Europe, the finance sector has received more General Data Protection Regulation fines than other industries. With the risk of hefty fines …

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