At the global and regional levels, the issue of digitization, digital transformation, cybersecurity and GDPR, as well as the issue of personal data protection, is increasingly coming to the fore. It is also necessary to establish clear rules in the field of data transmission.
At the American Chamber of Commerce event in Slovak Republic and SAPIE, they discussed the essence of data transfer, why it is important to entrepreneurs and how its regulation will impact business in the digital space.
The global internet is starting to split
The aim of the event was to draw attention to the ruling of the Court of Justice of the European Union in July 2020, which put the European Union and the United States in an awkward position, as the whole situation is complicated mainly by various legal mechanisms.
In addition, experts say the global Internet is becoming increasingly fragmented at the borders of regions, freeing up space for global competitors from Asia.
Today, the digital economy is governed by data transmission, regardless of national borders.
However, negotiations between the European Union and the United States are aimed at setting bogus regulation and establishing corporate boundaries to protect consumers’ personal data.
Direct impact on more than five thousand companies
Today, companies that built their business model on data transmission from the European Union are looking for ways to replace the now defunct European-American Privacy Shield, which originally regulated data transmission, and are awaiting new terms.
He added, “I believe that the current US administration will be more inclined to cooperate in this important area than the previous one. In particular, technology companies that profit from user data should be aware of their responsibility and their legislation will be the subject of other agreements and negotiations.” says Ivan Stefanik, Member of the European Parliament.
The current uncertainty in the way data is transmitted has a direct impact on more than 5,000 companies.
“Following the recent ruling of the European Court of Justice by Schrems II, companies wishing to transfer data to third countries are required to conduct a comprehensive survey of the level of personal data protection in every third country to which the data will be transferred. Thus, they must conduct a comprehensive survey of the local laws in These countries, not only in the United States, but in almost all countries outside the European Economic Area. From my own experience, I can confirm that such a survey lasts 1-2 months and is very expensive.” said Zuzana Hečko, a technology law specialist from the law firm Allen & Overy.
Slovakia should actively participate
SAPIE CEO Michel Kardosh also added, Slovakia Micro-economy, V4-style and Baltic economies.
“In order to consolidate the important part of the economy that is made up of small and medium-sized businesses, I think it is important for Slovakia to actively participate in the discussion at the European level and try to find an appropriate solution. Otherwise, it risks negatively pushing the decisions on which the chances of recovery from the coronavirus economic crisis depend. as soon as possible “. Cardos added.
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