Data Management and Regulations for International Business

Data flows have become a strategic asset for companies as they allow for coordination and optimization of the global value chain, a more efficient access to global customers, or the automation of processes leading to reduction of costs. In a business context in which the use of data is increasing exponentially, the main concern today relates to how and where data are collected, transferred, and used, and to what extent privacy, at both private and national levels, is secured. It is in this context that the chapter provides a critical discussion of the current regulatory framework for data management across borders and assesses the future needs in the field. Despite the three common global frameworks (US, EU, and ChinaChina), there are still different approaches at regional and national levels reflecting cultural differences and diverse national interests. The analysis shows that a holistic, comprehensive, and coherent system could be implemented for the digital economy led and coordinated by international organizations in cooperation with governments, policy makers, companies, and individuals. However, politics and geopolitics are taking precedence over business, economics, and technology development. This fragmentation represents the main challenge for the different stakeholders involved in the digital economy engaging with new technologies.