Is Everything Right only because It Is Possible?

00:07 Company ethics and values create an internal framework for an organization; they guide the entire organization and all employees.

00:18 Furthermore, they create an external legal framework, and if we're talking about digitalization, the European Union has had the General Data Protection Regulation, or GDPR, since May 2018.

00:32 But why is data security so critical? I must protect the information of my consumers and partners.

00:39 Despite and because of digitization, privacy is the ultimate goal.

00:45 This is mostly about personal information, such as name, age, birth date, birthplace, financial assets, bank account number, and so on.

00:57 Is it possible for others (or myself) to recognize and correlate the data? That is the big question; that is what I need to defend, and the next question is how all staff should be taught.

01:13 How do we ensure the fundamentals? Which criteria must I implement as an organization to prevent further data leaks? Then there's contract law to consider.

01:24 Millions of contracts are signed over the Internet every day, and the question is, what are the sellers' obligations? What are the buyers' rights? Are my terms and conditions up to date? What about legal responsibility? What about rescheduling? Is there new legislation? There is a lot of space for improvement and growth here.

01:46 The crucial thing is that as an entrepreneur, I am always up to speed and have my finger on the legal pulse.

01:54 Everyone that sells on the big, well-known platforms understands what I'm talking about, and they understand what happens if you don't.

02:03 #warningletter. What happens when something fails to function properly? Then we've arrived at the crux of liability law.

02:12 Who is responsible for damages? Liability law is very important on all platforms, with all digital technologies, with the Internet of Things, and in many other areas.

02:24 I would advise you to hire a professional lawyer for this.

02:28 What about intellectual property protection? We have IP law, or intellectual property law, here.

02:36 This legislation governs who owns what, which is something that many people overlook on the Internet. This may be familiar to you.

02:47 You might be looking for an image of a garden, so you type "garden" into Google, download the image, save it to your computer, and include it in your PowerPoint presentation. Then you present an image of a garden to an audience, and at that same moment, you breach IP law, the photographer's intellectual property, because he owns the image.

03:13 This is said everywhere, but the majority of people simply do not care, which is not the case. As a result, intellectual property legislation is extremely stringent and can be prohibitively expensive.

03:26 So, my counsel to you is to be cautious: the Internet is not a law-free zone.

03:31 The GDPR exists in the EU.

03:34 From America to Asia, I don't want to claim that data protection is non-existent, but things appear to be very different, and perhaps you have a company and want to Expand - you want to travel to new countries, sell your products or services there, and this goes hand in hand with new legal framework conditions.

03:52 Then your ethics and attitude come into play.

03:56 What do you do if you live in the United States but are familiar with the GDPR from Europe? Will you put yourself at a competitive disadvantage solely to maintain the European standard in the United States? What are your expectations? What are your thoughts on this matter? Do you adhere to American norms, putting you on the point of being unlawful in Europe? - You must define that.

04:27 The legal framework and corporate ethics are inextricably linked.

04:33 A simple example from aviation: we have an airline where the company value of safety is at the top of the agenda, and now there is a regulatory framework that states, "You need to train the pilots in the area XY once per year." Our airline, on the other hand, claims that "our company value is safety; we want to protect our passengers." We want to get them from point A to point B securely, so we train our pilots three times a year." They are only required to perform it once, but they perform it three times.

05:08 That is the legal framework, and behind it is the attitude, the corporate value, and the company ethics, and we can see that the legal framework may be the basis.

05:20 However, company ethics and attitude can go far deeper, and this is true for data protection as well as all other regulatory framework criteria.

05:31 You establish the region and boundaries within which you operate, especially in the internet environment, where there is a new business model and a new manner of communicating with clients or partners.

05:44 The business model comes first, followed by the legislation.

05:50 The firm ethics essentially take precedence over the jurisdiction.

05:55 In the best-case scenario, corporate ethics becomes a corporate culture, which means that all parties involved identify with the firm values and operate in accordance with the ethical standards.

06:10 As a result, within the legal framework, there is a culture of cooperation.

06:15 The legal structure must occasionally intervene to sharpen the profile, but the entire organization, the entire corporation, is built on the same solid foundation.