- Perhaps the biggest risk associated with technical data exports is that unauthorized persons could obtain access to such data sets. This could pose a major risk to your organization
- Another potential risk is that data could get lost or corrupted while being transferred. This could cause major damage to your business operations and could even result in a loss of clients
- In addition to the above, there are also risks related to identity management and permissions management. Every organization must ensure that such permissions are tracked, and strict controls are maintained
- Finally, businesses that export tech data also face compliance risks. If they are not fully compliant with the Export Administration Regulations (EAR) and the International Traffic in Arms Regulations (ITAR), then they could face fines and penalties
Reasons for Increased Risks in Recent Times
The intensity of the above risks has increased even further in recent times. This is because of two major reasons. Firstly, the ongoing coronavirus crisis has meant that hackers and scammers have become more active. These hackers are always on the lookout for vulnerable data servers that they could exploit. This presents a major danger to businesses that are data intensive. The COVID-19 pandemic has made it even more important for companies to protect their tech data exports.
The second reason why such risks have increased is that there is growing uncertainty in the international trade community. This uncertainty has been fueled by the ongoing trade war and the impending renegotiation of trade deals between countries. For instance, the US is working on a new trade deal with the UK that would cover all aspects of tangible and intangible exports between the two countries. Such uncertainty has meant that companies are often unaware of the latest regulations pertaining to technical data exports. This is why companies need to focus on areas such as trade automation.