Is The Dodd-Frank Of Privacy Coming?
[icon name=”newspaper-o” class=”” unprefixed_class=””] Forbes
May is here and like Y2K before it this may be one of the more cautiously anticipated moments in business because of the oncoming wave of privacy and cybersecurity regulations that come into force in Europe. Europe’s far-reaching General Data Protection Regulation, more commonly known as GDPR, affects organizations with operations in the EU’s common market. The countdown to Y2K saw a cottage industry emerge promising Y2K readiness as cyber Armageddon was inevitable since computer clocks would allegedly not record the year 2000. GDPR readiness has evoked similar fervor and apprehension as consultants and privacy lawyers armed with countdown clocks of their own foretell of grave consequences. Unlike Y2K, which proved to be a dud, GDPR will be truly consequential for business and the world. The wave of U.S. privacy and cybersecurity debacles suggests a Dodd-Frank-styled privacy overhaul may be in the making, lest the U.S. cede privacy and cybersecurity governance to the Europeans.