The Key components of Trust in the digital economy are Privacy, Security, Accountability & Usability. Privacy is about being clear of how data will be used, giving consumers simple and clear choices and control over use of their data. Respect for people’s privacy is of the main enablers that help achieve trust in a connected world. Security is about having appropriate technical measures in place to protect user data against theft and unauthorized access and use. Accountability is about having the right measures in place to comply but beyond that is being able to demonstrate that those measures are working and thinking beyond compliance to identify and mitigate those risks. Usability is about having a service that consumers will easily find easy to use while deriving value and benefit in using it.
Personal Data can be used for public benefit, personal financial benefit, service personalization, product innovation and targeted advertising. Privacy is the link to Personal Data Protection. Every one has a right to the protection of Personal Data concerning him/her.
Digital Trust gives consumers the confidence to transact in the digital space. The higher the volume of transactions, the higher the revenue and hence GDP increase for nations. Digital Trust will play a major role in bolstering the adoption of the African Continental Free Trade Agreement (AfCFTA) through the Pan-African Payment and Settlement System – PAPSS, which is a centralized Financial Market Infrastructure enabling the efficient and secure flow of money across African borders.
This has implications for the corresponding cross-border transfer of personal data, in the context of online transactions (trade), and of individuals living and working in member states other than their country of origin.