Data sharing can boost economic growth and propel innovation, but there are privacy and other ethical implications to consider before sharing can be done safely. Frazer Walker partner Ian Chisholm has written a white paper that outlines the rapidly evolving field of data sharing and offers guidance on data-sharing methodologies.

“The white paper aims to encourage a robust debate to ensure the integrity of data-sharing principles. A host of organisations, including governments at all levels, insurance companies, banks, transport operators, health service providers and more, have massive datasets and many are happy to share de-identified data for the public good, but practical gatekeeper resources are required to monitor and manage data sharing,” Mr Chisholm says.

“There must be a balance between public benefit and privacy protection. The pendulum shifts, depending on the data involved and the depth of personal information it contains.”

Frazer Walker works with government and private sector organisations to implement data-sharing initiatives and assist them to put guardrails in place to protect data and control against the risk of re-identification.

Mr Chisholm’s paper examines the pitfalls and promises of the framework Five Safes, which is emerging as the foundation stone for data sharing.

He says organisations working in the data-sharing space, like Frazer Walker, are continually seeking more advanced methodologies to protect personal information. “Risk management tools that aim to mitigate accidental data breaches and ensure re-identification cannot occur are important,” Mr Chisholm says.

The white paper says strong data sharing and data governance capabilities within insurance companies and financial services providers are crucial for finding, analysing and exploiting the proliferation of external datasets, data broker offerings and other third-party data assets, including open data initiatives proposed by various governments.

“Using external data to improve the customer experience, contain or lower premiums, mitigate claims, develop proxy rating factors, or provide deeper insights into insurable assets, is shaping up to be tomorrow’s battleground, especially with the emergence of the internet of things, telematics, digital health and intelligent devices,” Mr Chisholm says.

The white paper is available here.