Russia’s largest IT and telecom companies have proposed to the Russian government that they create a new self-regulating organization to oversee the “big data” sector, or the collection and analysis of extremely large sets of data to find trends, the US-Russia Business Council (USRBC) reported, citing the Russian news daily Kommersant.
The companies are reportedly concerned about recent indications that the government will begin to over-regulate big data usage, leading to reduced investment and a drag on the development of a digital economy in Russia. The companies involved are reportedly modeling their approach in part on the EU’s Big Data Value Association (BDVA).
Alexander Zharov, who heads a major national telecom watchdog called Roskomnadzor, said back in November that the Presidential Working Group on the Development of the Internet was beginning to draft legislation pertaining to regulation of big data, while Presidential Aide Igor Shchegolev said that the regulation of big data could begin this year.
Mail.ru Group, one of Russia’s leading Internet companies, asserted that the self-regulating organization model “will allow market participants to find an optimal balance between responsible regulation and the government’s restrictive legislative initiatives.”
The annual turnover in the global big data sector is forecast to reach $50bn by 2020, and McKinsey estimates that the use of big data contributes about $5trln to the global economy annually.