The rising tide of digital legislation is reshaping the landscape of 2023, presenting online businesses with both opportunities and challenges. Two pivotal regulations, the Digital Services Act (DSA) and the Digital Markets Act (DMA), have been implemented in the European Union, demanding close collaboration among in-house legal departments, risk, compliance, and product teams to navigate changes, manage risks, and ensure compliance effectively.
Failure to do so could potentially culminate in regulatory enforcement, hefty fines, or even severe legal, commercial, and reputational damage.
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.
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:
Adopting a holistic, proactive approach to global internet regulation helps businesses stay compliant, minimise risks, and ultimately, flourish in the evolving digital environment.
