The key trends and considerations in safely managing the 'new oil' of the digital economy
Described by some as the “new oil” for the digital economy, there is no doubt that data are now seen as critical for organisations to succeed. Data are a powerful and lucrative fuel for productivity. If not adequately protected, data are vulnerable to leaks that can cause widespread damage, and their true value is only realised once they have been processed and refined. They are, however, an almost infinite resource when compared with the finite supply of oil.
Data affect all businesses and industries, and dealing with data is an issue for the whole business as it affects every team within an organisation. In this article we examine:
- Market trends in the ballooning use of data worldwide.
- Some of the legal implications of dealing with data, particularly in light of the General Data Protection Regulation (679/2016/EU) (GDPR) which will apply from 25 May 2018, including in particular, GDPR compliance, cyber security and employee monitoring.
A version of this article was first published as the lead feature in the January/February 2018 issue of PLC Magazine
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2021