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Boston, MA (PRWEB) December 27, 2012
As payment technologies have evolved, so has the global consumer preference for noncash payment options. While electronic payment methods offer unique advantages over cash and other traditional payment means, the amount of personal and financial data being shared and collected has never been higher.
Mercator Advisory Groups latest research, Data Privacy and Security: A Review of Global Regulatory Developments, identifies trends and common characteristics among global privacy and data protection laws, examines the three main regulatory models in use, explores current issues and recent developments regarding data protection around the world, and proposes a solution for an efficient global framework to facilitate increased exchange of secure data.
To maintain the trust of consumers in new payment technologies, ensuring the security of sensitive data has become paramount for members of the payments industry and the public sector. To date, there is no international standard on privacy and data protection, and individual countries are responsible for determining regulations. This approach has made business more difficult, particularly when transactions include third parties and cross borders.