Drooms, the virtual data room provider,has released its whitepaper entitled: ‘Europe after the data protection scandal: how can confidential corporate data be protected?’. This paper focuses on the revelations around data security that have followed the recent disclosures about the NSA and its methods of gathering information.
These revelations have highlighted the need for a greater understanding of the data protection regulations in Europe. How does the Safe Harbor programme affect people’s business? Do people know that under the USA Patriot Act the American government is able to search not only companies based in the U.S., but also their EU subsidiaries?
Drooms outlines four recommendations on how businesses can protect their trade secrets:
1. Analyse legal requirements, classify information according to protection requirements and determine an adequate protection level in consideration of the cost-benefit ratio.
2. Establish decision-making authority and decision guidelines. The management is responsible and liable for data protection and business secrecy.
3. Implement organisational measures to reduce the circle of individuals with access to confidential documents and information. Raise awareness among employees and external associates through training and non-disclosure agreements (NDAs) with provisions for supervision.
4. Implement agreements with consultants and service providers which ensure compliance with regulations for data protection and business secrecy.