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Navigating Cross-Border Knowledge Flows and Safety within the Digital Financial system Specific Occasions

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OTTAWA, Jan. 30, 2024 (GLOBE NEWSWIRE) — The absence of standardized rules and governance over cross-border knowledge flows has created a posh and unpredictable panorama that, if not addressed, poses dangers to Canada’s financial development, in line with new analysis from The Convention Board of Canada.

“The digital economic system depends on the seamless motion of information throughout borders,” acknowledged Michael Burt, Vice President at The Convention Board of Canada. “Nevertheless, amid the uncertainty concerning the regulation of cross-border knowledge flows, there’s a looming threat of creating non-interoperable and disconnected networks, posing a menace to Canadian companies and the broader economic system.”

Cross border knowledge flows are essential to the up to date digital economic system. But, even their foundational facets, such because the definition of information itself, stay poorly understood inside this context. With commerce agreements failing to outline “knowledge,” there’s a want for Canadian governments to eradicate ambiguity and clearly define which knowledge fall below the purview of cross-jurisdictional regulation and governance.

“As Canada anticipates its pivotal function as a hub in international knowledge transfers, it’s crucial to ascertain a cohesive framework that ensures the graceful and safe stream of cross-border knowledge,” in line with Matt Malone, creator of the report and Assistant Professor at Thompson Rivers College.

The prevailing problem lies within the divergent approaches adopted by totally different jurisdictions to manage these knowledge flows. Regardless of concerted makes an attempt, commerce agreements have been unsuccessful in standardizing disparate approaches, leaving jurisdictions with the troublesome process of harmonizing their regulatory frameworks.

Given this patchwork method, privateness and safety points have emerged as a key concern. With out unified requirements for privateness and knowledge safety, people face the danger of dropping management over their private knowledge, which may render them weak to a myriad of safety threats.

Media Contact

The Convention Board of Canada
E-mail: [email protected]
Tel: 613-526-3090 ext. 224

About The Convention Board of Canada
The Convention Board of Canada is the nation’s main unbiased analysis group. Since 1954, The Convention Board of Canada has been offering analysis that helps evidence-based choice making to unravel Canada’s hardest issues. Observe The Convention Board of Canada on Twitter @ConfBoardofCda.

navigating cross border data flows and security in the digital economy
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