If data privacy regulations impact your organization today, are you ready for change?
Today, after several years of General Data Protection Regulations (GDPR) being enforced, potential risk and penalties arising from a data protection (DB) breach could affect your organization -- not to mention certain innovative technologies -- such as Blockchain, IoT or AI-powered tools like Chat GPT that can impose the biggest obstacles to successful resolution – if we are not prepared. That’s why we very much need smarter solutions responding more accurately to GDPR.
But, there’s hope. If you mitigate well-crafted contracts and build effective collaboration between contracting parties, opposing parties will be well informed of any potential data breach that could hurt the performance of a contract. So, what do you need to know about GDPR and other privacy laws and regulations that that could demand changes in how you write your business contracts?
The purpose of the GDPR, adopted by the European Union (EU) in 2016 and enforced May 25, 2018 -- was mainly to clearly define the responsibilities of organizations’ processing personal data of EU residents. Similarly, the first U.S. comprehensive consumer data privacy law, the California Consumer Privacy Act (CCPA),1 enforced in 2020, regulates the use of personal information of California residents. Companies striving to keep themselves and their business partners compliant know all too well how violating either of these privacy regulations carries substantial penalties. This has changed how business contracts are now written.
