This week, we begin with an article discussing two presentations at the Actuarial Society of South Africa about how to identify risks by leveraging alternative data. Next, we cover a piece of news on Saudi Arabia’s Personal Data Protection Law that has been put up for public consultation. Following this, we have news on a data breach at Sequoia One that exposed all its customers’ sensitive information. The next article highlights the need for the SEC to strengthen due diligence while using alternative data. Next is about how researchers are acting toward scientifically accelerating the development of medications. Finally, we cover a recent project by the Indian government to compile information on families in Jammu and Kashmir in order to ensure their welfare.
The Rise Of Alternative Data In Assessing Your Insurance Risk
In the world of life and health insurance, the more your insurer knows about you, the more accurately it can estimate the chances of you suffering a serious condition, becoming disabled, or dying prematurely. Until now insurers have largely stuck to a relatively crude method of assessing your risk (or underwriting) by relying heavily on your truthful answers to a series of questions on your medical history, occupation, leisure activities and sins (alcohol consumption and smoking) as well as targeted medical testing.
Saudi Arabia Launches Public Consultation On Proposed Amendments To Personal Data Protection Law
On November 20, 2022, the Saudi Data and Artificial Intelligence Authority (SDAIA) launched a public consultation (which is open until December 20, 2022) on its proposed amendments to the Personal Data Protection Law (PDPL). Previously, on September 24, 2021, the Kingdom of Saudi Arabia published the long-anticipated PDPL pursuant to Royal Decree M/19 of 9/2/1443H, constituting the country’s first comprehensive national data protection legislation; although the PDPL was due to become effective on March 23, 2022, on March 22, 2022, SDAIA announced that it had decided to postpone the full enforcement of the PDPL to March 17, 2023, and, in collaboration with the National Data Management Office, further issued the Draft Executive Regulations supplementing the PDPL.
Popular HR And Payroll Company Sequoia Discloses A Data Breach
The Human Resources, payroll, and benefits management company Sequoia said in disclosures to customers at the beginning of the month that it detected unauthorized access to a cloud storage repository that contained an array of sensitive and personal data related to the company’s Sequoia One customers.
SEC Must Set Due Diligence Standards For Use Of Alternative Data
Lowenstein Sandler attorneys and a data scientist explain why the SEC should set due diligence standards with respect to use of alternative data. Without such guidance, participation and innovation in this flourishing market could be limited. The alternative data market allows investors to access hyper-detailed information about commercial activity, supplementing traditional financial analysis. Steady demand from investors for this cutting-edge data has rapidly expanded its market.
Researchers Aim To Develop Open-Access Molecular Reaction Data To Speed Discovery Of Drugs
Researchers can invent and test millions of molecules quickly, but to develop successful new drugs, agrochemicals and other futuristic materials, they must first synthesize the molecules—and outcomes are a gamble. To solve this problem, Timothy Cernak’s laboratory at the University of Michigan College of Pharmacy was awarded $3 million by Schmidt Futures recently to develop molecular reaction data using high-throughput experimentation, and the software to process it. The data will be available to all and the software will be free to academia.
J&K Mulls Unique ID For Each Family, Parties Wary
To identify eligible beneficiaries of various social welfare schemes, the Jammu and Kashmir administration is planning to create a database of all families residing in the UT with each of them having a unique alpha-numeric code. While the BJP has welcomed the move to allot “family IDs”, other parties have raised concerns over personal data safety.