Business, the world and the year ahead

As I reflect on the last 12 months since joining HCR Law, I can’t help but notice how the world has changed.

We’ve witnessed both exciting technological advances and interesting geo-political developments, but what does this mean, if anything, for businesses in Herefordshire?

As with the emergence of the Covid pandemic, some businesses are concerned about the stability of their supply chain. Will goods arrive on time, can prices be sustained? Those who directly trade cross-border may be concerned about currency fluctuations and other cross-border matters that are likely to have a direct impact. Supply chain resilience is key to economic growth and, whether or not your business directly trades cross-border, now may be a good time to have your commercial contracts reviewed to see if any changes are required to help navigate the immediate future.

If you’re processing personal data outside the UK, are you confident that your risk assessments (which are often required by law) underpinning your contracts remain up to date? Have there been developments that might mean you need to review the types of personal data that you process outside the UK and where you process that data?

General commercial contracts and non-disclosure agreements, even if they don’t specifically mention cyber security, in practice require businesses to keep up to date with the cyber threat landscape and know what is reasonable, given the nature of the contract.

As always, at any time of change or rapid technological development, there is so much to consider to keep up and get ahead. Understanding your business’ risks and opportunities is vital.