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Unlocking the Value of Personal Data: From Collection to Usage, prepared in collaboration with the Boston Consulting Group, examines the need for new approaches in the policies which enable the managing of personal data in ways that are flexible, adaptive and contextually driven. The report highlights the need to shift to policy frameworks focused on the usage of data (rather than pre-emptively governing the data itself), the importance of context, and the need to find new ways to engage the individual. The report calls for the importance of establishing an updated set of principles and the means to uphold them in a hyperconnected world.
In creating this report, the World Economic Forum convened a global dialogue through a series of workshops across Asia, Europe and the US on the principles to unlock the value of personal data.
A general consensus emerged from this dialogue that the rules governing personal data need to be flexible enough to enable new business models, accommodate technology evolution, enable user trust and meet the requirements for user transparency.