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Data Trust: A Legal Framework for Managing Shared Data
Global regulations are forcing businesses to think hard about corporate data practices. Businesses seek to be more transparent in how data is collected and maintained. Businesses are increasingly seeing the importance of building a data-trust relationship with their customers and partners.
Brian Burke, research vice president at Gartner, told TechTarget SerchCIO that “organizations have shifted from focusing on collecting as much individual data as possible to enable personalization toward minimizing the level of individual information they have to maintain because data now represents risk exposure.”
Deloitte identifies two possible advanced solutions for businesses to consider that could enhance their ability to achieve data trust:
The first is to develop AI methods for monitoring data, how it is being accessed, and how it is used. “AI can help make sure data is correct and isn’t tampered with and, therefore, can be trusted… AI can improve identity and access management, and AI can improve identity and access management.”
The second approach is to interact with data through data trusts. “They’re a business model in which independent third parties validate, control, secure, and share information, governing the data’s proper use and managing legal data rights on behalf of its beneficiaries.” Alex Pentland, director of MIT’s Connection Science Lab, said that “we have banks for money, but we don’t have the same infrastructure for data. Data trusts can fill that void.”
Jack Germain, freelance technology writer, wrote for TechNewsWorld that a “data trust provides a legal framework for managing shared data. It promotes collaboration through common rules for data security, privacy, and confidentiality; and enables organizations to securely connect their data sources in a shared repository of data.”
