UK and South Korea Reach Data Sharing Agreement
The United Kingdom (UK) government has announced reaching a new agreement with South Korea to allow organizations and businesses share data with fewer restrictions and no contractual safeguards, such as existing International Data Transfer Agreements and Binding Corporate Rules.
This agreement is expected to boost data-dependent trade between the UK and South Korea which is currently worth £1.33 billion. The new ‘in principle’ deal is also set to support enhancement in research and innovation, making it easier for experts across different fields to collaborate.
“Today marks a huge milestone for the UK, the Republic of Korea and the high standards of data protection we share. Our new agreement will open up more digital trade to boost UK businesses and will enable more vital research that can improve the lives of people across the country,” said Julia Lopez, UK Data Minister.
“I am honored to agree to this joint statement today. Strengthening cooperation between the UK and the Republic of Korea based on the shared recognition of high standards of protection can contribute to forming a healthier and more sustainable global data landscape,” said Jong in Yoon, Commissioner of the Personal Information Protection Commission in South Korea.
This agreement is the UK’s first independent adequacy deal with a priority country since leaving the European Union. Other UK priority countries for data adequacy include the United States, Australia, Singapore, the Dubai International Finance Centre and Colombia.
Last year, the UK government however, introduced a new cyber law – passing ‘The Product Security and Telecommunications Infrastructure (PSTI) bill’, designed to better protect consumers from attacks by hackers on their personal tech products and internet-connectable devices.
The PSTI bill require manufacturers, importers and distributors of internet connectable tech products to make sure they meet the new cyber security standards or face heavy fines of up to £10 million or up to 4 per cent of global revenue for firms failing to comply.