SIIA supports the objectives of the Act to unlock the innovative value of data while ensuring responsible practices for its use, collection, and sharing. Despite laudable intentions, the Act impedes business efforts to innovate and compete in a data-driven economy and imposes barriers on responsible data use. Certain provisions would increase compliance costs and impose barriers to commercial contracting that will hurt innovation and competition. Limited protection for intellectual property (IP) and trade secrets will limit incentives to innovate. Contrary to the objective of data minimisation, several provisions would lead businesses to create more rather than less data, increasing cybersecurity risk and personal data exposure.
We offered the following recommendations, which we address in further detail in this attached paper.