Security News > 2022 > May > Bank for International Settlements calls for reform of data governance

The Bank for International Settlements - a meta bank for the world's central banks and facilitator of cross-border payments - has advocated new governance systems that promote owner control of data and transparency over its use.

Consent is often given once, despite use of data changing over time without re-confirming consent.

With the exception of some individual states enacting laws like California's 2018 Privacy Act, data privacy has not progressed much in the US since the 1970s, when the obligation of data controllers was outlined in what would later be known as the Fair Information Practices Principles.

In the EU, the General Data Protection Regulation stipulates consent for processing of personal data, but enforcement has sometimes proven problematic.

The EU is considering additional legislation - including the Data Act, Data Governance Act and Digital Markets Act - which could eventually help.

"While data collectors are subject to strict compliance obligations, technology companies are still free to operate in much the same way as before simply by obtaining prior consent to do so," explains BIS in regard to the EU and GDPR. .

News URL

https://go.theregister.com/feed/www.theregister.com/2022/05/06/bis_data_governance_design/