TECH SUPPLIER Sep 2021 - Market Note - Doc # EUR148130021
Seven Months After Brexit: Data Protection Adequacy Slightly Reduces Uncertainties
This IDC Market Note provides an update on the discussion regarding four main pending points after Brexit (i.e., changes in the data privacy and protection law, the recognition of regulation in the financial sector, the recognition of professional qualifications, and the risk of trade slowdown), providing for each a brief overview of the consequences of the agreement reached in December 2020, what happened seven months later, and their impact on the current discussion regarding the ICT market.
"So far, solutions for two crucial points are taking shape: from a data protection point of view, the EU recognized the status of adequate third country to the U.K., while when coming to the financial sector regulations, the memorandum of understanding, although not signed yet, will lay the foundation for future voluntary cooperation," said Luca Butiniello, research analyst, IDC European Customer Insights and Analysis. "Those elements, together with a low impact on trade, are important points to consider for organizations operating in U.K., which can rely on a slightly less uncertain market. This will partially set aside relocation plans and allow to set up longer-term investment projects, resulting in low impact on organization ICT spending."