The European law is expected to capture large numbers of local companies, with fines in to the billions of dollars
Image for illustrative purpose only.
Dubai: In 2018, the most important currency in the world is data, with companies trading in it and making billions of dollars off the back of it.
Friday will see the introduction of the most comprehensive data privacy law in history, a regulation that is intended to tackle the many nuances and pitfalls of this digital age.
As a result, Europe’s General Data Protection Regulation (GDPR) will have far-reaching consequences. As far-reaching, in fact, as the UAE.
Simon Bell, who is a cyber leader at risk management giant Marsh, says that the company predicts a large percentage of companies in the UAE will be liable under the new legislation.
“Basically any company that offers products or services in the EU or to EU residents may be affected,” said Bell, indicating how broadly it may affect local companies in the Gulf.
In terms of the types of businesses impacted, Bell said that as a global business and tourism hub, Dubai’s “aviation, hospitality and retail [companies] stand out.”
“However, many organisations may not fully…
