This year, we’re seeing the inevitable intersection between digital transformation and politics. While there’s a wealth of potential in the IT and IP industry to improve efficiency, elevate existing processes, and provide new types of services altogether with all these advancements, current events in the political landscape may have the last say. Here are a few trends to keep up to date with.
The UK’s withdrawal from the EU on March 29, 2019 is to be followed by a transition period ending on December 31, 2020. Until then, the UK’s legal relationship with the Union should remain firm. However, there are other factors to consider. FXCM’s extremely detailed Economic Calendar outlines the many parliamentary meetings and Brexit milestones leading up to the looming exit. However the Brexit negotiations unfold, this could have a world of potential problems for IT and IP companies concerning GPDR, database rights, copyright, and more.
Since the GPDR took effect, even the largest and seemingly immune companies like Google have been affected. By its regulations, multinational businesses face issues in terms of cross-regional data transfers. GPDR states that personal data can only be shared between European Economic Area (EEA) member states, but not outside “third countries,” unless they have the appropriate data protection laws to back it up. Because of the UK’s withdrawal from the EU, this could put them at risk of falling under the “third countries” category. Ideally, organisations involved should have carried out their GPDR compliance even before it came into fruition.
2018 put the spotlight on digital currencies, revealing with it an abundance of potential dangers. There has been increased pressure on the UK government to regulate the industry. In recent years, cryptocurrency has been an undeniable force shaping various industries, especially IT. Its uses vary, from managing systems with blockchain, to raising capital. Chief executive of the British Business Federation Authority Patrick Curry claims that inappropriate legislation could lead to crypto exchanges moving out of the UK, risking the country’s standing as a fin-tech hub.
As previously discussed on ITR Portal, cybersecurity is a major concern across various industries. But with Brexit, it may soon get put on the back burner. Verdict predicts companies will deviate their focus to doing damage control on their systems and supply chains disrupted by the change. And with political turbulence adding fuel to the fire, it makes the landscape even more susceptible to cyber attackers who may take advantage of the vulnerability. Whether organised or nation-state, the UK government isn’t the only one who will bear the brunt; it will be businesses and the UK public, too.