Digital technology is today touching the lives of individuals and businesses across the world. A social and economic revolution is enabled by digital technology, often underlined by the power of the Internet. The revolution is rapidly extending beyond people to objects, illustrated by the new-found potential of the Internet of Things (IoT). The emergence and accelerated adoption of technologies including cloud computing, artificial intelligence, connected and autonomous cars, smart cities, big data analytics, digital commerce, virtual and augmented reality and smart manufacturing is promising social and economic transformation, positive impacts on education, health and wellbeing. But as digitalization unfolds, policy makers and regulators are faced with an unfamiliar challenge: how can they capture the benefits of digitalization by removing blockages and introducing initiatives that enable the pace and scale of digital change.