What is consumer data right? The consumer data right (CDR) is being rolled out progressively across most of Australia’s economy. Moreover, CDR puts people in charge of the data businesses hold about them and does so in a way that is simple for consumers. Within five years, it should have transformed commerce, promoted competition in many sectors, and simplified daily life.
The amount of digital data generated globally is increasing exponentially. Furthermore, existing assessments suggest that between 40 to 60 zettabytes of data have been created and consumed worldwide by 2020. Cisco estimates that around 500 billion devices. Equipped with sensors, collecting data, and communicating over a network. Will connected to the internet by 2030.
The Consumer Data Right (‘CDR’) regime introduced in Australia in 2019 is world leading. As a result, could promote much-needed competition in major sectors of the economy and reinvigorate a waning commercial morality.
As with virtually all potentially transformative innovations, however, the challenges are many and, in this case, include the need to rigorously protect consumer data without imposing regulatory burdens that could deter new market entrants.
The success of CDR will require a careful and ongoing balancing of risks and benefits.
However, CDR is unlikely to flourish unless the data shared pursuant receives rigorous protection. In addition, the advantages it seeks to provide are not widely recognised and appreciated.
In conclusion, Jevglevskaja and Buckley analyze its extraordinary potential and argue for nuanced regulation and timely and extensive consumer education by government and industry.
Read The Full Paper:
Australia’s Consumer Data-Sharing Regime: A World-Leading Reform by Ross P. Buckley & Natalia Jevglevskaja
Ross P. Buckley
University of New South Wales (UNSW) – Faculty of Law
Natalia Jevglevskaja
UNSW Law School
