Welcome to the 12th Annual European GRC and DPO Day.
Lady Olga Maitland - As ever timely.
GDPR facing constantly changing environment, challenges, technology. Is
it always fit for purpose?
I wonder but we have to work with it as it is. And indeed prepare
ourselves post Brexit …
But the principle is there. The threats and attacks continue,
everyone is vulnerable, A business can crash . You
can be hit from unexpected quarters, and third party networks are the
weakest spot. Then even spotting an attack needs a
skill. It can sometimes be days before you realise
the extent of an attack. Or you mayb e faced, as I heard from a major
oil production company, when their computer screens went fuzzy and then
In this case, they pulled all the plugs,
but still took two weeks to get back to normal. Mercifully
one of their operations was outside the main network…but a major crisis.
happen to us all.
Hence the importance in keeping up to
date This conference is taking place thanks to our sponsors OneTrust
and Trust Bridge. A word first about OneTrust. American led, and
founded. Today it is global with 4,000 companies on its books,
small,medium,large. It specialises in handling third party risk,
privacy, data security, and in our context within the demands of GDPR.
They will be presenting today and you will learn more On that note,
post Brexit, the Uk will still shadow and replicate GDPR.
Our second sponsor The Trust Bridge will be represented today by David
Clarke, the Chief Technology Officer. They specialise in training, for
data breach and management with audits on and impact assessments.
Usefully they offer access to every delegate to one licence for their
accredited data breach course and a free 30 minute breach clinic to
every delegate via video or phone after the event.
ARE THE PRIMARY CORPORATE CONCERNS OF BREXIT FOR THE UK AND EU
I will look at my personal experience because in part they mirror what
is going on. A No deal Brexit is still on the cards even if Boris
Johnson gets his deal through the House of Commons.
He then must negotiate the new relationship with the EU, and that is
far from clear on how long it will take, and what form. The risk
therefore of a No Deal at the end of the transition period is very
real. The level of preparedness by the government is still fragile. I
deal with the Department for International Trade.
In title, fine. In practise woefully underfunded and minimal
resources. And very difficult to plan in a meaningful way.Right now,
nobody knows if a Conservative government will still be in
play. At this moment the Australian head of campaigning at
No. 10 has pointed out that the poll position ahead of Labour is
actually less than at the same time during Theresa May’s campaign.
It hardly needs saying that a minority government would produce a lot
The outcome of this election is more acute and impact serving than any
one in recent years save for the referendum. A clear majority by
Johnson will mean he can press ahead with negotiating a new
relationship. Some say the Canadian model would be fine, but
that took seven long years, and in any case we are not Canada. There
are limitations on what they may do. We are next
door. We need to secure free freedom for financial services...
Boris Johnson do it in a matter of months?
Breaking all records while we languish under the WTO
rules. Impossible for British farmers to sell their lamb to
France faced with high tariffs. No joke.
So what impact so far are we seeing.? There are some facts. The
European and indeed global economy has slowed down as Germany well
For all that the number of jobs created by foreign investment in the
UK’s key sectors has dropped. These are namely business and
consumer services, automotive, software and computer services,
financial services, environment, infrastructure, transportation, food
and drink, electronics and communications.
London did best, but even the capital has seen a decline in
jobs. Elsewhere it is more stark.
Scotland, Yorkshire and Humber regions found that FDI halved between
2017 and 2018.
The reality is that Brexit with uncertainties and just not knowing what
the new landscape will be has dampened growth with all
countries including the US.
Some major investment banks have shifted to an office in the EU to
ensure freedom of movement. There are well known brands
who have shifted out of the Uk such as Richard Dyson, despite
being a Brexit champion. His hq is now Singapore.
Elon Musk announced in November2016 that his plans for building a Tesla
car in the Uk would be unaffected by the vote.
This week he announced he would be his producing cars in
Germany not far from Berlin, upsetting German car manufacturers for
planting himself in effect in their office canteen.
by the German Government.
Elon Musk cited, ‘Brexit uncertainty has
make his investment too risky’
Boris Johnson’s Leader of the House, and champion of the ERG, Jacob
Rees Mogg speaks one language, but his investment fund, Somerset
Capital Investment, of which he is a major shareholder, has
just shifted to Dublin, and set up not one but two separate funds, as
indeed have many companies. The race to get Irish citizenship has been
kind of future do we have? What standing do we have right now?
While moderating a conference in
Singapore, the message I received was, ‘we are not so concerned here
about your EU exit, but very rattled, to put it mildly that the British
political system has become extremely unstable, chaotic even.
We always had confidence in the UK that is solid and comfortable in its
own system and could manage any crisis.’
This has seriously impacted our confidence for now on investment.
Turn to another country, not on your financial horizon but
soon will be,
looks on with amazement
Algeria is looking at the UK with
amazement. I know because I travel there frequently as
chairman of the Algeria British Business Council. To get a trade deal
working needs considerable manpower. The UK at present in the
Department of International Trade, does not have that resource.
In fact Algeria would like a trade deal sooner rather than later. Their
relationship with the EU is rocky.
Getting a trade deal of course takes two to tango.
Neither country can move forward and take
decisions. Both countries have elections on
December 12 and for both countries these elections will be seismic in
political and economic change.
Then would the Uk be ready to push forward? I fear
the list of countries to negotiate with is so huge, that despite
Algeria being hugely rich, it is unlikely to be top of the list.
As for a fast and satisfactory trade deal with the US, I think it is
best to say this will be limited at best.
The so called ‘Special Relationship’ will not carry much weight.
a key bridge
In fact, having left the EU, we will have left that role as a key
bridge between the EU not only in inward investment, but also
with the National Security Council. We have been a
key voice on that count.
Sir Mark Lyall Grant, former Head of the National Security Council to
the British Government recently told a seminar of Defence and Security
Forum which I run, that in the future we will have to be much more
resolute in standing up for ourselves, and use our diplomatic skills at
the highest degree to be heard.
He did feel that a very pro-US stance will not help the UK, but rather
hinder our ability to be seen as a trusted and independent
voice. We will have no choice but to form alliances because
that is how the world works.
General Sir James Evelyn, Deputy Supreme Allied Commander, Nato, with a
key NATO meeting coming up very soon in the UK with Trump
visiting , also told DSF that he had no doubt that by leaving the EU,
Britain’s role in the world will be diminished. We
will have to work very hard indeed to be heard.
Taking a realistic view of our way forward.
The plus is that if managed well , the UK could be a channel for inward
investment but we would have to work very hard indeed to make ourselves
attractive and allow a good flow of labour at all levels to service
this. Putting aside the NHS which Boris Johnson has pledged a
leeway but every migrant will have to pay £600 to get in, as a down
payment for any use of state services.
system full of obstacles
I fear a bureaucratic
system full of obstacles, which
will only impede our progress. Boris Johnson has said he would offer an
attractive tax regime, that is if elected with a clear
majority. This will be helpful. He talks
about free ports but why should ships stop here when they can go direct
There is of course another side. The global instability has
meant a rush of funds from countries in stress, indeed I know that the
Island of Jersey has found themselves now holding trillions of dollars
coming in from Saudi Arabia, Lebanon, and all the Middle Eastern
countries. The same applies from places further afield. Jersey is a
recipient, so too Guernsey and the Isle of Man.
The City of London has also benefited. We are seeing a paradox.
Independence can have its return. But it will need
real creativity to make ourselves worthy of the effort to come through
London rather than direct to Europe.
Much, much depends on the outcome of the General
Election. I have fought four general elections, all
tough, especially in 1997 but nothing compared to today when so much is
at stake in terms of the future of our country , and so little known on
how it will turn out.
Keep calm. Do prepare for the worst, in the hope that while
prepared, and er, at a cost, hope that at last stability will arrive.
Only then can real solutions be found.
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