[2022 Asia Financial Forum] "MyData Development, Securing Trust is Most Important"

by Song Hwajung

Published 26 May.2022 15:03(KST)

Mark Jensen Singapore PwC Partner & Data Trust Service Leader

[2022 Asia Financial Forum] "MyData Development, Securing Trust is Most Important"

[Asia Economy Reporter Song Hwajeong] "Data sharing can open countless economic and social opportunities, and trust is crucial for proper data sharing."

Mark Jenson, Partner & Data Trust Service Leader at PwC Singapore, stated this on the 26th at the Seoul Asia Financial Forum.

Partner Jenson said, "By 2030, the potential contribution of artificial intelligence (AI) to the global economy is expected to reach $15.7 trillion (approximately 20 quadrillion KRW), and 41% of global CEOs plan to invest in personal data protection. Data sharing not only provides tangible benefits to the parties involved but also indirectly drives social benefits."

He emphasized that trustworthy data is necessary to realize business performance, and data security and personal data protection are important factors in data sharing. Partner Jenson said, "76% of global consumers consider sharing data with companies a 'necessary evil,' and as data becomes more important, customers demand more trust and transparency in how their data is handled than before." He added, "Data sharing needs to be conducted in a way that builds trust. If a data breach occurs even once, all efforts can be in vain, so it is important to properly establish the various stages of data sharing."

Partner Jenson stressed, "We must establish data sharing principles and realize data trust through continuous monitoring and defect management," adding, "Data sharing must be properly conducted through trust frameworks, purpose-aligned technologies, and support from a broad data ecosystem."