Is Britain Going To Be The Next 'Data Haven?'
With Brexit proceedings already underway, experts at ITI (Information Technology Industry Council) believes that Britain might actually turn out to be a ‘data haven’ of sorts for companies Google and Facebook, especially now that the country is on the exit from the European Union (EU). With the lawmakers of the European Union changing regulations, anything which might be too harsh on the IT industry, could potentially open up opportunities in the UK, for it convert into a ’safer’ and ‘more desirable option’ compared to other in the EU.
The head of Global Policy of the Washington based Information Technology Industry Council (ITI), Josh Kallmer mentioned, “There could be directions that the UK goes that are more positive for tech, not just for entrepreneurship in London, but also for the ability of global tech firms to do business here and engage with the rest of the world.”
The whole situation arises from the fact that the European Union (EU), is looking to unify member states’ IT companies in a way, where there is a single market for digital and other online services, and might lose out to American giants like Google and Facebook, especially considering the strength of smaller European Companies. The laws to be put in place by the EU, would be applicable to companies including Amazon, who are a part of the ITI. The ITI is known to have requested the EU for ‘non-discriminatory approach’ while framing new applicable laws.
Kallmer, also laid some emphasis on why the difference arises between EU grown smaller enterprises, with respect to American tech giants like Amazon, Google, and Facebook. He explained, “For some companies, access to the single market is the most important consideration – even though there are more significant regulatory restrictions. Whereas for other companies it could be their markets are more global, and [they want to do] their business from a jurisdiction that has fewer regulatory restrictions and fewer limitations on what they can sell to the rest of the world. So the UK becomes a more desirable option.”
Never the less, he also pointed out that Britain can lose out, if diplomacy and rule framing becomes a stronger issue. If the diplomats do not agree on regulations for cross-channel data transfers, then UK could be in a state of bother, and lose out on being a ‘data haven’ which it could otherwise become.
- Brands Fail To Use Customer Data to Deliver Personalization: Study
- Delving Into The ABC Of Cyber Security
- Weekly Rewind: Top 10 Stories On CXOToday (Oct 9-13)
- Tele-Health To Bolster Home Healthcare Services
- There's No Stopping The IoT Growth; Here's Why
- Third Party Digital Cos Will Generate Over $31 Bn This Year
- Weekly Rewind: Top 10 Stories On CXOToday (Oct 2-6)
- SAP Leonardo To Help Indian Firms With Digital Transformation
- Qlik to Power Sitel's Big Data Initiative
- How Algorithms Are Revolutionizing Lending Business