Companies Weigh Data-Privacy Risks Ahead of Brexit

Siemens is among the companies preparing legal contracts in case of a no-deal Brexit scenario. Photo: kamil zihnioglu/epa-efe/rex/Shutterstock 0 Comments By Nina Trentmann March 12, 2019 12:01 a.m. ET

The EU’s General Data Protection Regulation, or GDPR, threatens noncompliant companies with fines of up to 4% of global annual revenue, or €20 million , whichever is higher. About 200,000 GDPR cases have led to about €55.9 million in fines, according to the European Data Protection Board. The U.K. is currently covered by GDPR and has pledged to stick to the existing data protections. But the EU won’t immediately deem the country’s regulation as equivalent, creating a gap that could last a year or two until the EU grants the U.K. equivalent status, said Jane Shvets, a partner at law firm Debevoise & Plimpton LLP.

Preparing legal contracts for a no-deal Brexit scenario will be a “depressing exercise that involves a lot of companies putting in place a lot of paperwork,” said Nigel Parker, a partner at Allen & Overy LLP. The contract changes don’t improve citizens’ data protection, but merely fulfill a regulatory purpose, the lawyer said.As the possibility of a no-deal Brexit has increased, companies have paid more attention to its implications for GDPR, he said.

Munich-based Siemens AG is among the companies preparing to alter its contracts. It has binding corporate rules governing internal data transfers that won’t be affected by Brexit, but the company will agree to new standard clauses for personal data transfers involving third-party suppliers before March 29, a company spokesman said.

In the Safe Harbor case, however, a replacement—the EU-US Privacy Shield—was agreed to several months after the court decision, limiting the time gap.

US should annex GB as the 51st State?

You mean these companies were not required to comply with EU laws before Brexit, yet still traded with non EU countries? are you fuking serious ?

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European stocks seen higher ahead of crucial Brexit votes this weekEuropean markets are expected to open higher on Monday ahead of crucial votes in the U.K. that will determine the direction of Brexit.
Source: CNBC - 🏆 12. / 72 Read more »

Up to 1,000 vehicle repair companies could collapse within 2 weeks of a no-deal BrexitExclusive: Leaked minutes from a meeting of vehicle crash repair leaders reveals that repair firms would collapse within weeks of no-deal Brexit. Brexit was always a bad idea. Half the country must've been possessed when voting out 🙃🙃 AdamBienkov Sponsored by the EU. We've heard so many stories for 2 years with the Project Fear. If the price of an independent free UK is a few vehicle repair companies that pales into insignificance with the sacrifices of two world wars fought for our freedom. AdamBienkov Odkrycie dnia - mam nos jak Theresa May. Jakby moje życie nie było wystarczająco ciężkie.
Source: BusinessInsider - 🏆 729. / 51 Read more »