With the massive digital transformation that has taken place over the last decade, the need for governance and regulation has become more apparent than ever before. The role of governance and regulation in digitalization is crucial as it ensures that digital technologies are used in the public interest, and the rights of the citizens are protected.
Digitalization has led to the incredible rise of Big Data, which has altered how businesses operate and how governments perform. However, with more users generating more data than ever before, rules must be put in place to ensure the data is secured. Governance and regulation provide the framework for the use, collection, and storage of this valuable digital resource.
Moreover, online commerce has surged, and regulations have been established to ensure that the transactions are safe and secure. Various laws and requirements have been designed to protect customers and maintain trust in digital commerce.
Another area that governance and regulation are significant in digitalization is the protection of Intellectual Property Rights. With the ease of reproducing digital content, the enforcement of property rights has become a pertinent issue. Various legal frameworks have been established to ensure that copyrights, patents, and other rights are respected and upheld.
Furthermore, governance and regulation play a role in mitigating cybersecurity risks. Network and Information Security Directives have been enacted to strengthen cybersecurity requirements for digital service providers and to establish mechanisms for real-time cooperation between member states in case of a cybersecurity incident.
Governance and regulation provide the necessary framework for digital platforms to operate securely and whilst instilling trust amongst users. In conclusion, governance and regulation are vital in digitalizing the world, and the absence of a legal framework would undermine the effectiveness of digitalization, causing significant risks to the public.
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