Tech Law Trends 2024
Navigating a complex landscape of digital regulation and enforcement, with a greater emphasis on managing cyber and litigation risks, were key focus areas in 2023 and again 2024.
In RMOK’s view, the top focus areas today are:
Increased Digital Regulation: We have seen the EU AI Act, and the UK’s response, with AI summits and a UK Government private members AI regulation Bill. Also we have regulation of digital markets, with EU’s Digital Markets Act and Digital Services Act, which is already beginning to bite. The UK sees the Digital Markets, Competition and Consumers Bill and the enacted Online Safety Act.
Cybersecurity and Data Privacy: With the rise of cyber threats, there's a heightened focus on laws related to cybersecurity and data protection, pushing companies to strengthen their data governance frameworks. On this front, the EU complicated the number of regulators that might need to be notified of a security breach (for example, under GDPR, DORA, NIS2, PSD2, ePrivacy, EU Cyber Resilience Act and more) and let’s not forget the UK’s Financial Services and Markets Act 2023.
AI and Automation: The legal sector is increasingly adopting AI and automation to streamline operations and increase efficiency, which also raises questions about compliance and ethical use. Now we see ChatGPT-4o which introduces more realistic sounding conversational AI. With the positive introduction of this needs to be balanced with the potential misuse of this technology (eg, vishing).
Tech Investment and Innovation: Despite regulatory challenges, there's a positive outlook for tech investment, particularly in generative AI and digital infrastructure, signalling growth opportunities for businesses.
Regulatory Technology (RegTech): RegTech solutions are becoming more prevalent, helping businesses automate compliance tasks and manage regulatory changes more effectively.
Geopolitical Risks: Companies must consider geopolitical factors that can impact tech law, such as cross-border data flows and international trade agreements, and sanctions.
Intellectual Property: As innovation accelerates, intellectual property laws are adapting to protect new technologies and digital assets.
These trends indicate that the UK's legal landscape in 2024 is dynamic, with a strong interplay between technological innovation and the need for regulatory oversight to ensure ethical and secure use of technology.
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