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Saturday, March 04, 2023

EU Digital Strategy

 So many directions to regulate.    Note considering the influence US Law

The EU digital strategy: The impact of data privacy on global business

McKinseu:  March 1, 2023 | Commentary

By  Daniel Mikkelsen, Sebastian Scheurle,   Henning Soller , and Malin Strandell-Jansson

New data regulations from the European Union require organizational attention, and three key steps can help navigate the data privacy landscape.

The data regulations in the European Union (EU) have recently received significant attention specifically due to the advent of the General Data Protection Regulation and the rulings around Schrems II—whereby the Court of Justice of the European Union found that the protection of personal data had limitations due to domestic law in the United States—as well as the access and use by US public authorities of personal data transferred from the EU, and recent developments such as e-privacy.

While these developments have led to major changes in data privacy, one of the other goals of the regulation—to establish a market for data and facilitate data exchange between companies—has not been reached to date.

This lack of action has led to the potential for further regulatory activity to define an agenda for how to uplift the data capabilities of European companies, create a market for data, and regulate activities around AI. These activities are typically summarized as the EU digital strategy. While regulation adds further requirements and obligations to any data-enabled business, it also creates an opportunity for competitive advantages for those that best derisk their data transformations.

The EU digital strategy offers organizations both challenges and opportunities, but these regulations will likely continue to evolve, so organizations should remain aligned with the regulatory process. ... ' 

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