In this month’s continuing coverage of Data Security & Data Privacy, we talk with Dean Armstrong QC and Richard Dutton, two of the most informed persons we have encountered on this topic.
Dean is Head of Chambers at the 36 Group and is also the Chairman of the ELIAS Partnership. Dean has published multiple books on Cyber security, Blockchain and Crypto Currency, with his latest, covering the legal principles of Cyber litigation, being released in the New Year.
Richard Dutton is Managing Director of the ELIAS Partnership and focuses on data rights in sports as well as in other areas of business. ELIAS is part of Project Red Card; a group arguing on behalf of Premier League footballers that under UK and EU data protection laws, their performance data is actually personal data, and is being exploited for financial gain without their consent. Project Red Card has potential to be a landmark legal case regarding the personal data rights of professional sportsmen and women.
The conversation kicks off with the importance of PII (personally identifiable information) as an emerging asset class and why these experts believe it will become one of the most valuable classes of assets by 2023.
Dean and Richard continue as they address the question of “why regulate PII?”, explain the real purpose of GDPR, what transpired with Privacy Shield, and unpack the court decision known as “Schrems II”. Finally, they share why regulators have been slower than expected to impose GDPR related sanctions and how the legal community is filling that void.
If that’s not enough, we’ll leave you with this:
At the time of our discussion, the combined asset value of Alphabet and Facebook, two of the most powerful and influential data companies of our time, was US$ 1.9 trillion. Richard points out that if one were to strip away the value of all cash, physical and intangible assets, and the accumulated value of Research & Development, the remaining value would still be a whopping US$ 1.4 trillion, all of that attributable to the way these companies use their accumulated data.
That number captured our attention and should be enough to capture yours to listen this interview. Enjoy.