Fact is that it is not per se illegal to transfer data from the EEA to the U.S. What has changed is that the blanket permission for transatlantic data transfers from the EEA to Safe Harbor certified U.S. companies has fallen away. Nonetheless, alternative transfer mechanisms, in particular Binding Corporate Rules and Standard Contractual clauses may be relied upon for lawfully transferring data from the EEA to the U.S. Further, derogations such as consent and performance of…
Fact is that the United States enacted the USA Patriot Act in October 2001 to fight terrorism and money laundering activities. The statute’s title – USA Patriot Act – stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act. It was intended to clarify, simplify and strengthen investigative powers for US law enforcement officials, because misunderstandings of pre-2001 criminal procedure and privacy laws were partially blamed for the…
Fact is for most companies that they are already transmitting data internationally, because they use the Internet (for example, to email spreadsheets to various office locations), or because they have subsidiaries, customers, suppliers or channel partners in other jurisdictions. In most cases, data transfers occur because data is needed in different jurisdictions, not because of where the data is stored. With respect to employee data in a global human resources information system, for example, companies…
Part of the b:INFORM 2015/2016 Cloud Survey Trend SeriesCloud Survey – Tax Perspective Outsourcing to the Cloud for Financial Institutions Fast Moving Fronts: 3 Things You Need to Know About How Better, Faster, Cheaper is Impacting Your Enterprise’s Use of the CloudGlobal Enterprises and the Cloud Integration of Bundled Cloud Offerings The Importance of Security in the Cloud: Security and AuditFollowing up on the 2014 Baker & McKenzie Cloud Survey, we took the feedback from…
Part of the b:INFORM 2015/2016 Cloud Survey Trend Series1. Taxable Presence. During 2015, the OECD made significant progress in its initiative known as BEPS (Base Erosion and Profit Shifting), and issued Final Reports in October. In the BEPS Report on Action 1: Addressing the Tax Challenges of the Digital Economy, the OECD essentially declined to create any new rules for that segment of the economy. In light of this, we don’t expect that international tax…
Part of the b:INFORM 2015/2016 Cloud Survey Trend SeriesMany banking regulators consider cloud computing to be a form of outsourcing. For supervised financial institutions, use of external cloud computing for material business functions is a regulated activity. Previously issued guidance by financial regulators on outsourcing and offshoring is likely to apply to cloud services, in addition to specific cloud related statements.Board Level Attention RequiredThe FFIEC in the US, the FCA in the UK, and APRA…
Part of the b:INFORM 2015/2016 Cloud Survey Trend Series1. Cloud deals are taking less time to completeAccording to our survey, 92% of cloud services negotiations close in less than 6 months, with a majority closing in less than 2 months. These results represent an increase in speed to closure compared to our results last year. Better, faster, cheaper is not just the mantra, but is showing up where the rubber meets…
Part of the b:INFORM 2015/2016 Cloud Survey Trend Series1. Cloud adoption continues to gain momentum across all regionsOur survey finds that over 90% of the respondents are actively engaged in the cloud marketplace, either as buyers or sellers of cloud offerings, and the adoption of cloud computing continues at an accelerated pace. More than a third of the respondents are global enterprises operating in multiple regions around the world (North America, Asia-Pacific, Europe, Latin…
Part of the b:INFORM 2015/2016 Cloud Survey Trend Series1. Buyers and Providers Identified Integration of Bundled Cloud Offerings as a Key TrendAccording to our survey, both Buyers and Providers identified the integration of bundled cloud offerings as a key trend going forward. Increasingly, according to our survey, business solutions will be comprised of more than one cloud offering. For example, a solution may include a platform as a service component provided…
Part of the b:INFORM 2015/2016 Cloud Survey Trend Series1. Importance of SecurityConsistent with last year, our survey identified security and privacy at the forefront of buyers’ and providers’ minds in relation to cloud services. Security (88%) and Privacy (73.3%) topped the list of buyers’ primary hesitations in deciding whether to buy cloud services. More than a majority of buyers were also concerned with control and regulatory compliance as well. The importance of security was…