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Digitizing and sharing data: How to manage risks without hindering innovation?

Digitizing and sharing data: How to manage risks without hindering innovation?

Tuesday 04, 02 2020
Digitizing data brings great benefits to the economy and society, but it also makes the authorities concerned about privacy, security.

On the afternoon of October 8, the US Embassy in Vietnam held a discussion about data sharing and how agencies manage the risks of the digitalization process without hindering innovation with the participation of Mr. Daniel Castro, Vice President of Information Technology and Innovation Fund (ITIF) and director of ITIF Data Innovation Center.

Cloud computing - The problem of information sharing and security

According to Castro, about the past 10 years, the world is moving into a data-driven economy. This is an economy focusing on mobile technologies, big data analytics technologies, social networks, etc. At the same time, the world is moving towards an algorithmic economy with new technologies such as AI, the Internet connecting everything, blockchain. All these technologies bring new potentials and opportunities.
Data is the catalyst, the driving force of innovation in this economy and the digital transformation process with a focus on data is taking place in all areas. The question is how to both facilitate this process to go smoothly and ensure security and security in cyberspace. And the key to current data security is cloud computing.

Digitizing and sharing data: How to manage risks without hindering innovation?

“Cloud computing technology brings many benefits such as, lowering costs, improving capacity or processing capacity of the system, enhancing security, ensuring interoperability as well as increasing compliance with regulations and speeding up product innovation, "Mr. Castro said.

However, cloud computing also causes many concerns such as privacy and security concerns. To solve this, many governments have adopted policies to block data flow with concepts such as user data, government data not stored externally, but stored only in domestic servers.

"These policies have prevented the flow of data across the globe. This has increased costs for businesses. Especially for large businesses, when there is no free flow of data, the cost may increase to 20-30%, "the expert said.

Mr. Castro cited a result of a market research organization saying that China's policy of blocking data free flow caused the country to lose about 1.1% of its GDP. He said that, for example, in the US, the first time when cloud computing appeared, many people were also concerned.

"But right now, the US government and businesses have a strategy called 'Cloud First', which means prioritizing cloud computing. Even the US Department of Defense is planning to invest in a cloud system to store confidential information, including nuclear information, "said Castro.

4 principles to both innovate and limit risks

According to statistics, the cause of most of the security incidents in the US does not come from cloud service providers but due to human error during the operation of the system. Therefore, Mr. Castro sets out four principles to ensure the promotion and take advantage of the innovations while minimizing risks.

  1. First, there is a need to stipulate that organizations must be the people responsible for managing the data they collect, wherever they store, process, and analyze data.
  2. Second, although every country has different privacy laws, there is a need to have a mechanism to ensure cross-border data access to respond to security threats or hackers. So when a security incident occurs, law enforcement agencies can access each other's data, jointly investigate or respond to the incident. "This is also our way of complying with the new CPTPP agreement, which has a lot of regulations related to the data access of member states," the expert said.
  3. Third, countries need to be responsible for blocking the flow of illegal information such as movies, music that infringes copyright, child pornography, hate speech.
  4. Finally, states must have a role in encrypting data, dealing with vulnerabilities in the system.

Mr. Castro is an author and speaker on many issues related to information technology and network policy, including security, cybersecurity, intellectual property, network administration, e-government, etc. In 2013, Castro was on the FedScoop list of "25 individuals under the age of 40 with the greatest influence in the field of government and technology". In 2015, Commerce Secretary Penny Pritzker appointed Castro to the Trade Data Advisory Council.

Categories
Risk Management

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