Trust as a driver of social and economic value creation through data

Trust, as a key factor in unlocking the potential of data in the digital economy, is an increasingly central element in all data regulations. The European General Data Protection Regulation, in 2016 already recognised that if individuals have more control over their own personal data, this will improve trust and contribute to the positive impact on the development of the digital economy. The European Commission's European Data Law 2022 European Commission proposal puts even greater emphasis on the targets themselves, stating that "low trust prevents the full potential of data-driven innovation from being realised".

Among the findings of the World Data Regulation Survey published by the World Bank in 2021, highlights the need to strengthen regulatory frameworks around the world to build greater citizen trust. This would contribute to  more effective effectiveness of government initiatives that use data and that aim, in many cases, to generate value forsociety. As an example, he cites the limited impact of contact-tracking applications around the world during the COVID-19 pandemic, largely due to a lack of public confidence in the potential use of the data provided.

If we really believe that trust in data is so critical to creating value for society and the economy, we need to pay close attention both to the mechanisms we have at our disposal to enhance that trustworthiness, and to the strategies for building and maintaining that trust, beyond the regulatory frameworks themselves.

Quality and transparency

Trust in data starts with quality and transparency. When users understand how data are collected, processed and maintained, they are more likely to trust them to use them use it,  and even be more willing to contribute their own data.

A fundamental mechanism for ensuring quality and transparency is the implementation of rigorous standards, such as the UNE specifications for Data Governance UNE 0077:2023, Data Management UNE 0078:2023, and Data Quality Management UNE 0079:2023 at each stage of the data lifecycle. On the one hand, quality is enhanced through the deployment of robust validation and verification practices that ensure the accuracy and integrity of the data, and on the other hand, transparency is improved through, for example, descriptive metadata that provide detailed information about the data, including its origin, collection methodology and any transformation it has undergone.

European Data Spaces

The European Data Spaces is an ambitious EU initiative aimed at building trust and facilitating the exchange and use of data between countries and sectors in a secure and regulated environment. The central idea behind the European Data Spaces is to create environments in which the availability, accessibility and interoperability of data are maximised, while the risks associated with data handling are minimised. Initially the European data strategy initially envisaged 10 data spaces in strategic areas such as health, energy or public administration. Since then this number has grown and other data spaces have been launched in important areas such as media and cultural heritage, or in strategic sectors for Spain such as tourism. 

In order to bet on the leadership in data spaces in strategic sectors for Spain, the government is promoting the Gaia-X Spanish Hub the Spanish government is promoting a new initiative, comprised of companies of all sizes, aimed at deploying a solid ecosystem in the field of industrial data sharing

Improving cyber security

The increasing number of cyber security incidents media headlines, some of which have even brought private companies and public bodies to a standstill, has made cyber security a primary concern for users and organisations in the digital age.

Robust cyber security involves organisations deploying advanced technologies and best practices to protect systems and data from unauthorised access and malicious manipulation through measures such as firewalls, two-factor authentication, and real-time threat monitoring and detection, encryption two-factor authentication, and real-time threat monitoring and detection. However, improving users' education and cybersecurity awareness is also vital to help them recognise and avoid potential threats.

European digital identity

The European Digital Identity is being developed in the framework of the European Union with the aim of providing citizens and businesses with a secure and unified way of accessing services, public and private, online and offline, across the EU. The idea is that, with a European digital identity, people would be able to identify themselves or confirm data in services such as banking, education or health, among others, in a secure and frictionless way, providing a high level of security and privacy protection.

This deepens the framework of trust and confidence created by the EIDAS Regulation on electronic identification and trust services for electronic transactions in the internal market, which already contributes significantly to increasing consumer confidence phishing or improving confidence in the origin of documents.

Building a culture of trust and responsibility in the handling of data and digital infrastructures is the focus of the actions of EU governments, including Spain. In this context, the intersection between data quality and transparency, robust cybersecurity that reduces cybercrime, European Data Spaces, and European digital identity stand out as key mechanisms to cultivate this trust and propose a route towards greater innovation that ultimately generates social and economic value through data.