With the General Data Protection Regulation now in effect in Europe, we’re starting to see other jurisdictions make noises about adopting similar rules.
Most recently I noticed one from the Canadian government and another from the Microsoft CEO in regards to US regulations:
While privacy protection sounds great – there are often unintended consequences with regulations and this is no exception. There is definitely a chilling effect on trade here and an uptick in investment in likely redundant internal controls.
If other jurisdictions are smart, they’ll take a wait and see approach to this – to gauge the impact on the EU and on firms trading in the EU before adopting their own rules. They might also look at homogenized regulations, to reduce the total regulatory burden on corporations and other organizations. Then again, governments are not usually too smart. 🙂