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Three Reasons Why You Need to “Know Your Law” When Going Global
By: Josephine Yam, J.D., LLM., MA Phil (AI Ethics) 2/28/23 12:59 PM
As you grow and expand your business globally, it’s essential that you have a solid understanding of the laws and regulations surrounding data privacy in all jurisdictions where you have customers. For example, the General Data Protection Regulation (GDPR) in the European Union and the privacy laws of many US states like California, Colorado, Virginia, Utah, and Connecticut.
Achieving Privacy Accountability is only possible when you “know your law” well in all your customers' jurisdictions.
In this article, I’ll discuss the three key reasons you must “know the law” to build and maintain a robust privacy management program when you go global.
Compliance with Local and International Data Privacy Laws
When you operate globally, you must be aware of and comply with the data privacy laws in all the countries and US states where you have customers. For example, the EU’s General Data Protection Regulation (GDPR) applies to all businesses that process the personal data of EU residents, regardless of where the company is based.
By solidly understanding the data privacy laws in the countries where you operate, you’ll be better equipped to comply with them and avoid massive fines. These data privacy regulations are in place to protect consumers and their personal information, and failure to comply can result not only in hefty fines but also in a damaged reputation.
Better Data Privacy Practices
Knowing the data privacy laws in the countries where you operate will help you to establish better data privacy practices within your business. For example, suppose you’re aware of the specific requirements of the GDPR. In that case, you can put the necessary measures in place to ensure that the personal data of EU residents is processed securely and responsibly.
Keeping up to date with the latest laws and regulations can also help you to identify any changes or updates that may impact your business, allowing you to take the necessary steps to stay compliant.
Improved Business Growth and Reputation
Complying with the data privacy laws in the countries where you operate will help you avoid legal issues and improve your business growth and reputation. You’ll build trust by showing your customers that you take their privacy seriously and are committed to complying with the law in your brand and attracting more customers and employees.
In addition, demonstrating that you’re complying with the data privacy laws can help set your business apart from the competition and give you a competitive advantage. This, in turn, will help you to scale globally and achieve success in the long run.
It cannot be overemphasized that “knowing the law” is crucial in any privacy management program, particularly if you want to scale globally.
By having a solid understanding of the data privacy laws in the countries where you operate, you’ll be able to comply with them, establish better data privacy practices, and improve your business growth and reputation.
So, make sure to “know the law” today to achieve long-term success for your company as you grow internationally.