Abstract
New Mercator Advisory Group report examines privacy law and data regulation
around the world
Boston, MA December 11, 2012 -- As payment technologies have evolved,
so has the global consumer preference for noncash payment options. While
electronic payment methods offer unique advantages over cash and other
traditional payment means, the amount of personal and financial data being
shared and collected has never been higher.
Mercator Advisory Group's latest research, Data Privacy and Security: A
Review of Global Regulatory Developments , identifies trends and common
characteristics among global privacy and data protection laws, examines the
three main regulatory models in use, explores current issues and recent
developments regarding data protection around the world, and proposes a
solution for an efficient global framework to facilitate increased exchange of
secure data.
To maintain the trust of consumers in new payment technologies, ensuring the
security of sensitive data has become paramount for members of the payments
industry and the public sector. To date, there is no international standard on
privacy and data protection, and individual countries are responsible for
determining regulations. This approach has made business more difficult,
particularly when transactions include third parties and cross borders.
Understanding the differences between regulatory models and new emerging
trends is essential for members of the payments industry as international
markets become increasingly interconnected.
"Although the sharing of personal and financial data has become commonplace in
today's society, the large number of parties accepting and processing
financial data in order to complete a transaction highlights the importance of
regulation of privacy and data protection." Tristan Hugo-Webb, analyst
in Mercator Advisory Group's Fraud, Risk and Analytics Advisory Service
and author of the report comments. "The importance of regulation in
cross-border transaction is underscored by the fact that there is no accepted
international mandate on privacy, which means that each country, or region in
the case of the European Union, is responsible for developing rules, which
makes business for industries like the payments industry difficult when
processing international transactions."
Highlights of this report include:
- Comparison of European, Asian, and U.S. regulatory models
- Privacy and data protection developments in Africa and BRIC countries
- In-depth examination of a premier international data sharing agreement
- Proposed solution involving public and private sector collaboration to
more effectively exchange financial data
One of the eight exhibits in this report:
This report is 24 pages long and has 8 exhibits.
Companies mentioned in this report include : American Express,
Capgemini, Discover EFMA, EMVCo, MasterCard, Pinsent Masons MPillay, RBS, and
Visa.
Members of Mercator Advisory Group's Fraud, Risk, and Analytics Advisory
Service have access to this report as well as the upcoming research for
the year ahead, presentations, analyst access and other membership benefits.
Table of Contents
Executive Summary
Introduction
Turn and Face the Change
International Trends and Developments
- Common Privacy and Data Regulation Characteristics
International Privacy Regulation Frameworks
- APEC Framework
- European Union Model
- The U.S. Model
Recent Regulatory Developments in Other World Regions
- Africa
- BRIC Countries: Brazil, Russia, India, China
Privacy and the Cloud
Conclusion and Recommendations
Data Privacy and Security: A Review of Global Regulatory Developments published by Mercator Advisory Group, Inc. in December 12, 2012. This report consists of 24 Pages and the price starts from US $ 2950.
