Cybersecurity
From Banks to Uber, Data Flows Are at Risk Without Brexit Pact
- Cos may have to scramble to put in place new data contracts
- EU could add U.K. to white-list but agreement would take years
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The U.K. government has attempted to reassure businesses that data flows will continue following Brexit, but the risk of an abrupt exit has caused concerns over the free flow of information.
The smooth transfer of personal data between the European Union and the U.K. — from bank details to your Uber bill — is vital for almost every British business. Following a so-called ‘hard Brexit,’ the U.K. faces being classed as a ‘third country,’ meaning transferring information would involve thousands of inter-company contracts rather than international laws.