While the significance of data to the global economy, critical infrastructure, and the conditions in which we live is undisputed, the “correct” approach to data governance remains contested. Three distinct approaches to data governance have emerged: the US approach, with a sharp focus on the generation of value for the private sector at the expense of adequate protection for individuals; the Chinese approach under which data are used as a means for social and political control, providing public goods, and governance; and an EU approach which seeks, concurrently, to protect the privacy of individuals and realize the potential of data to drive economic progress. This chapter argues that none of these three approaches has managed to balance competing interests and values to the extent necessary to derive the greatest benefits from data while mitigating common risks in the long term. The chapter highlights the need to engage in innovative and creative thinking on data governance if we are to embrace the opportunities and address the challenges that we face in the Fourth Industrial Revolution.