In this virtual event, Baker McKenzie lawyers Florian Tannen (Partner, Munich), Claire Dietz-Polte (Partner, Berlin), Raffaele Giarda (Partner, Rome) and Andrea Mezzetti (Counsel, Rome) together with Florian Harms (Global Director for Data Privacy Regulatory Compliance, Emerson) and Sebastian Rockstroh (Legal Counsel, IT & Smart Mobility, Porsche) shared their views and covered topics on how companies can protect their digital property, how digital solutions can be safely utilized and the regulatory implications of data usage for a business. Florian Harms and Sebastian Rockstroh discussed considerations on how they are dealing with an ever-evolving digital environment and the regulatory implications to consider when organizations adapt new technologies and manage data usage.
Key takeaways:
- The Industrial sector is more susceptible to disruption and new business models as traditional manufacturers transition to become "digital organizations" and "service providers".
- Data is the new fuel for our industry - as technological advancements move us away from traditional manufacturing towards a digital service provider model. This results in a need for increasing volumes of data to analyze productivity, customer usage and product developments. This consequently increases the need for data privacy and cyber security, which is central to global market reliability and regulatory compliance.
- Digitalization of traditional manufacturers has resulted in increased degrees of connection between the manufacturer and the customer. For example, the development of connected vehicles has resulted in connected services such as telecoms and payment options. This has resulted in significantly increased cybersecurity and regulatory considerations.
- Industrial manufacturers are increasingly impacted by new regulation that was traditionally the focus of technology companies. The EU specifically is pushing industrials to accept regulatory change, with strict data security requirements, for example with critical digital infrastructure.
- Regulation is constantly changing, but not at pace with technology: It is vital that regulatory considerations are central to ongoing and future digital transformation plans. Digital Industrial organizations are embracing cybersecurity and working to get ahead of regulations to ensure compliance and utilizing digital capabilities as a selling proposition to the market.
Baker McKenzie has multidisciplinary teams advising Industrials, Manufacturing & Transportation clients through their entire digital transformation lifecycle. If you would like to discuss opportunities, address any challenges or discuss upcoming regulatory considerations, please reach out to any of our contacts.