PWC have this week claimed that new EU General Data Protection Regulation brings opportunities to Ireland for multinationals in a post-Brexit world.
The new EU General Data Protection Regulation (GDPR) will come into force in May 2018 and will have significant implications on Irish businesses in terms of data privacy and the protection of an individual's data, according to PWC.
The largest professional services firm in Ireland claims this new regulation impacts a business's systems and processes across all business units from marketing, to sales, to IT.
PwC have stressed that it will need careful consideration and collaboration with all heads of functions involved to ensure compliance with the Regulation by May 2018.
GDPR introduces wide-spread changes to current regulation in Ireland and across all EU countries. Importantly, for international businesses, if a company makes its data strategy decisions in one EU member state, it is only obliged to report to that Data Protection Commissioner.
PwC Cyber Leader, Pat Moran believes negotiating with one Data Protection Commissioner and in the only English speaking member state post-Brexit will be very appealing to multi-nationals.
Commenting on GDPR this week, Irish Data Protection Commissioner, Helen Dixon said, "The consequences of the GDPR for businesses that process EU personal data and trade within the EU and also globally are significant and require early planning. I am delighted to see a large number of companies in PwC today to learn more about the impact of GDPR and how to get ready for compliance with this new regulation."
Source: www.businessworld.ie
