In the Internet age, it’s easier than ever before to grow a business on a global scale. Empowered by digital connectivity, even small firms can reach markets half a world away, set up outsourcing arrangements and grow partnerships across international borders. The opportunities are plentiful and enticing.
Yet going global is not without its challenges. And for firms transmitting data between countries, compliance with data privacy laws can be one of the most substantial obstacles.
Many countries have established stringent data privacy laws with strict requirement for handling sensitive information. And those that fail to comply can face serious fines and damage to their business’ credibility. As privacy protection becomes an increasingly critical concern worldwide, many governments are upping the stakes for businesses that deal with sensitive data.
Japanese legislators recently increased the fine for companies that fail to notify customers when their personal data has been compromised. At 500 yen, the previous rate was considered an ineffective penalty. However, with the new penalty of 10,000 yen per record, companies could face millions of dollars in fines for major breaches.
Not only are international privacy laws strict, they can also be extremely complex, and, in some cases, conflict with each another. Companies can quickly find themselves with considerable expenses as they work to sort out the details of privacy laws, and ensure they’re meeting the proper standards.
For any organization considering international expansion, it pays to have a knowledgeable advisor that can sort out the details of international privacy legislation and support compliance efforts.
Lunarline is an expert on global privacy laws and standards that helps organizations quickly make sense of the complexities doing business internationally. We have assisted many firms in meeting international standards through our global privacy services. And we offer custom solutions designed to help your company understand and prepare for global growth.
To learn more about growing your business on a global scale, please contact us today.