What do businesses need to consider in data transactions? Whether buying, selling or licensing data, it is crucial for business leaders to understand the full landscape of the transaction and start their deal off on the right foot. In this article, we outline key questions to layer into your data governance and cybersecurity strategy when commercializing data.
Establish the business context for data use. If the context isn’t known, the legal analysis may be incomplete. Questions to consider:
Establish whether privacy compliance is a factor, and if it is, whether the groundwork has been laid to use the data as contemplated in the commercial transaction. Questions to consider:
Establish whether the data is commercial information, along with the rights surrounding its use. Questions to consider:
Establish whether the parties to the transaction (or third parties) have contractual or proprietary rights to the data that is being provided for, or generated as part of, the commercial transaction. Questions to consider:
Establish whether other legal systems or regulations place limitations on the use of the data. Questions to consider:
Establish the contractual, organizational or other “guardrails” that can help contain the risks of the commercial transaction. Risk management tools to consider:
To discuss these issues, please contact the author(s).
This publication is a general discussion of certain legal and related developments and should not be relied upon as legal advice. If you require legal advice, we would be pleased to discuss the issues in this publication with you, in the context of your particular circumstances.
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