2024 Data Dilemmas: Navigating Localization Mandates and AI Regulations

Data has been increasing in value for years and there have been many instances when it has been misused or stolen, so it is no surprise that regulators are increasingly focused on it. Shortly, global data regulation is likely to continue to grow, affecting nearly every industry as a result.

There is, however, a particular type of regulation affecting the payments industry, the “cash-free society,” known as data localization. This type of regulation increases the costs and compliance investments related to infrastructure and compliance. 

There is a growing array of overlapping (and at times confusing) regulations on data privacy, protection, and localization emerging across a host of countries and regions around the globe, which is placing pressure on the strategy of winning through scale.

As a result of these regulations, companies are being forced to change their traditional uniform approach to data management: organizations that excelled at globalizing their operations must now think locally to remain competitive. 

As a result, their regional compliance costs increase because they have to invest time, energy, and managerial attention in understanding the unique characteristics of each regulatory jurisdiction in which they operate, resulting in higher compliance costs for t

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