Many businesses are suffering serious financial difficulties as a result of COVID-19, particularly those in the retail, hospitality and tourism sectors. For many of these businesses the one asset that will undoubtedly retain value, despite the pandemic, will be their customer database. This valuable commodity could help attract potential purchasers.
But this is a tricky area to navigate, particularly following the General Data Protection Regulation (GDPR), since both the ICO and the FCA have started to pay more attention to this area. For example, in February of this year, the FCA and ICO issued a joint statement warning regulated firms and insolvency practitioners of their responsibilities when dealing with personal data. This followed…
Read the full article at: https://www.dataprotectionreport.com/2020/06/selling-and-utilising-personal-data-in-an-insolvency-situation/