The data Governance Act proposes to increase data sharing in the EU so that businesses and start-ups can access more data to build new goods and services. The key points are listed below for those after a quick read.
New Data Governance Act; what you need to know.
The new regulations aim to increase trust in data sharing by making it safer and easier while maintaining compliance with data protection legislation.
The new Data Governance Act will:
- improve the use of data collected in some areas of the public sector;
- enable the establishment of common European data spaces in critical areas like as health, environment, energy, agriculture, mobility, finance, manufacturing, public administration, and skills;
- have new standards for data marketplaces;
- assist new intermediaries in being recognized as reliable data organizers;
- contain the initial steps toward limiting non-personal data transfers; and
- make it easier for businesses, individuals, and public organizations to share data for the public good (data altruism).
Is the EU data-sharing law in force?
The Data Governance Act was passed by Parliament on April 6, 2022. The Act will become effective 15 months after entering into force, i.e., the summer of 2023.
How will this affect business owners?
Adding an extra layer of regulated data requires businesses’ to identify this data, where it stays, and how it is utilized.
As the last phases of this legislative process come to a close, the need for businesses to have a comprehensive privacy and data governance program is being highlighted. As part of that effort, having effective data discovery and mapping systems in place to accommodate this expanded spectrum of data is essential.
