The Rising Tide of Digital Legislation
In the digital landscape of 2023, regulatory adjustments are the new norm, providing both opportunities and challenges for online businesses. Two such pivotal regulations, the Digital Services Act (DSA) and the Digital Markets Act (DMA), have been implemented in the European Union. These necessitate the close collaboration of in-house legal departments with risk, compliance, and product teams to effectively navigate these changes, manage the accompanying risks, and ensure compliance.
Failure to do so could potentially culminate in regulatory enforcement, hefty fines, or even severe legal, commercial, and reputational damage.
The UK’s Leap Towards Online Safety
Meanwhile, the UK’s response to these digital shifts is equally noteworthy. The Online Safety Bill (OSB), which has seen rapid progress in recent months, will demand businesses’ attention in 2023. It is of paramount importance for these entities to evaluate the impacts of this law and strategize their compliance procedures throughout the year.
In tandem, the Digital Markets Competition and Consumer Bill, another significant piece of legislation, is also picking up speed. However, it is vital to remember that internet regulation is a global matter. As such, businesses should maintain a vigilant watch for emerging laws and rules worldwide.
Staying Ahead with a Comprehensive Strategy
Companies must ensure they are continuously updated with new rules, assessing their potential impacts, and implementing comprehensive structures for risk management and compliance. This approach is far more effective than creating unique strategies for each regulation. Key regulatory themes and requirements should be efficiently managed. Examples include:
Content Risk Management: Mandated by both the UK’s OSB and the EU’s DSA
- Regular Audits: As stipulated by the DSA and the EU’s DMA
- Transparency Reporting: Required under both the DSA and the OSB
Adopting a holistic, proactive approach to global internet regulation helps businesses stay compliant, minimize risks, and ultimately, flourish in the evolving digital environment.