PwC Legal Ukraine took part in The Legal 500 GC Summit
08/11/19
It's been almost a year and a half since the General Data Protection Regulation entered into force. Since then, the implementation of the new privacy requirements has reached different stages inside and outside the EU. How did it affect business in Poland and Baltic countries? Did Ukraine stand aside? Taking into account the extraterritorial nature of the Regulation as well as Ukraine’s Eurointegration course, what should business in Ukraine be prepared for right now?
The speakers of the The Legal 500 GC Summit Gerard Karp, PwC CEE Legal Privacy Leader, Mykhaylo Shmyelov, National Technology Officer for Microsoft CEE Multi-Country region, Valentyn Petrov, the Head of the State Service of Special Communications and Information Protection of Ukraine, Edgars Šacs, Cyber Security and Privacy Lead Baltic States and Ukraine focused on the answers to these questions. The panel discussion was moderated by Olga Romanenko, the Head of IP, IT and Data Protection at PwC Ukraine.
According to the speakers, nearly a third of EU companies are not GDPR-compliant. The main reason is out-of-date business processes, which have a strong need for renewal. For example, the majority of companies still have paperwork instead of electronic workflows. In addition, the IT infrastructure and data protection systems need solid investments. By solving these compliance issues, which are more than a formal "tick in the box" approach to compliance, the businesses will get competitive advantages.
The thing that creates the highest value is the increase in trust level from clients and partners. Moreover, the business that has an efficient data protection system will integrate into the modern digital economy more easily.
There is no doubt that businesses intending to work efficiently and develop in the era of modern technologies must be GDPR-compliant. The question is how they can adapt to present-day realities quickly and properly.
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