20 years together

Personal data are key business asset

21 December 2018

The latest shocking news on unlawful use and unauthorized personal data exchange between technological giants in the social media and the internet search engines was discussed in the morning block of Bloomberg TV “Business start”. Martin Zahariev, PhD - an expert on personal data protection at Dimitrov, Petrov & Co. Law Firm and at the Law and Internet Foundation, was invited for a live comment.

Mr. Zahariev noted that the collection of data and the way they are managed play a key role for every business. They consist an integral part of its reputation, and are essential to building trustful customer relations and to achieving a competitive edge on the market. Due to this reason, each organisation strives to get a maximum amount of information about its customers. At the same time, businesses face the challenges of proper storage and processing of data and protection against unauthorized access, enshrined as fundamental principles of the regulatory regime.

Dr. Zahariev used an interesting allegory to comment on the need for free exchange of data between business partners, the social media platforms being an example. He compared the data to money that cannot be “locked in a bank safe”, as the growth of the digital economy of the 21st century depends on their free sharing. This process, however, cannot be uncontrolled and it must be a subject to clear principles and specific rules. The European General Data Protection Regulation (GDPR) which is in effect as of 25th May 2018 in all EU Member States, introduces to a large extent society’s expectations.

What is yet to come in the new year 2019 in the field of personal data protection and what  the news on the forthcoming e-Privacy regulation is – find out in the interview with Martin Zahariev, PhD here.

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