This Thursday, a vote will be held in the United Kingdom on whether it should leave the European Union (the potential departure has been endearingly dubbed “Brexit”). Opinions within the UK are split on the proposal and emotions are running high.
Duo’s Thu Pham put together this blog post on the potential infosec and economic impact of a Brexit. Some salient points:
- Whether or not your business is in the EU, if you have EU customers, you will likely still have to comply with the General Data Protection Regulation (GDPR)
- When it comes to infosec impact, the GDPR will still affect UK businesses
- The GDPR contains stricter rules than the current UK Data Protection Act of 1998, reforming the EU Data Protection Directive
- There’s research that most businesses want to stay in the EU, as it’s better for the British economy
- Membership in the EU gives the UK access to an open export market and foreign direct investment
- Also allows London to be an established global financial center, accounting for 12% of GDP
- A Brexit could cause economic damage, at an estimated 3.4-9.5% in the next 14 years
Read more on the Duo Blog.