The question of how to balance free data flows and national policy objectives, especially data privacy and security, is key to advancing the benefits of the digital economy. After establishing that new digital technologies have further integrated physical and digital activities, and thus, more and more of our social interactions are being sensed and datafied, Chapter 6 argues that innovative regulatory approaches are needed to respond to the impact of big data analytics on existing privacy and cybersecurity regimes. At the crossroads, where multistakeholderism meets multilateralism, the roles of the public and private sectors should be reconfigured for a datafied world. Looking to the future, rapid technological developments and market changes call for further public–private convergence in data governance, allowing both public authorities and private actors to jointly reshape the norms of cross-border data flows. Under such an umbrella, the appropriate role of multilateral, state-based norm-setting in Internet governance includes the oversight of the balance between the free flow of data and other legitimate public policies, as well as engagement in the coordination of international standards.