“Sorry, We Don’t Accept MasterCard Here” India’s Ban On Credit Card Companies Over Data Localization
A two-horse buggy is pulling the movement for data localization. The first horse is a need for national privacy and security; the second horse is data monetization. With large-scale data breaches filling the newsfeed, people have become concerned about their data getting into the hands of the wrong people. Data localization can help countries and companies secure and protect collected data as localization allows for easier data monitoring. The other side of the coin is commerce from data sales. Data brokers generate revenue from the sale of personal information, and data localization can be a method for countries and companies to regulate who has access to their data and prevent people from selling the data. As countries start to require data localization, companies must be mindful of the practice and how to implement it, or possibly face a ban.