Data - striking the balance between protection and growth

DATA is the four-letter word that fuels our digitised world. Harnessing the power of these simple four characters, we have the ability to revolutionise global business exchange, innovation, trade and education, to name just a few.

The collection, processing, transmission, storage, sharing and creation of data already underpin almost everything we do today. In 2016, the digital economy accounted for 22 per cent of global economic output while the application of digital technologies - such as cloud computing, data analytics, and the Internet of Things - is set to increase global GDP by US$2 trillion by 2020. In particular, Asia is reaping the benefits of data with mobile technology contributing 15 million new jobs, 5.4 per cent of regional GDP and around US$1.3 trillion of economic value in 2015 alone.

However, the social impact of data and mobile technology is even greater. Today, 45 per cent of Asians have access to the mobile Internet, and by 2020, an additional 800 million people will be able to shop, listen to music, access information, upload selfies, and do other online activities made possible by data-fuelled mobile and digital technology. Add to that the billions of machines expected to become connected in the next decade through Internet of Things. The heart of this digital transformation has largely been powered by a strong stream of information across national borders via mobile technology and the Internet.