Why is trust a crucial component in data sharing?

Trust is a fundamental factor in data sharing, as it establishes the organisational foundation to exchange data with confidence. It ensures that data sharing is done securely and confidentially, even after it's handed over to other parties. This entails implementing adequate data protection measures, such as encryption and access controls, to safeguard the privacy and security of the data. It minimises the risk of unauthorised access, loss, or theft, which fosters collaboration and innovation. When parties have mutual trust, they are more inclined to openly share data and collaborate on developing new insights and solutions.