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Organisations will be able to transfer personal data securely to the Republic of Korea without restrictions by the end of the year following legislation
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UK decision will help generate an estimated £14.8 million in annual business savings and increased exports
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Milestone formalises first data adequacy decision since UK left the European Union and goes beyond scope of previous EU deal - boosting investment.
UK organisations will be able to share personal data securely with the Republic of Korea before the end of the year as the UK finalises legislation for its first independent adequacy decision.
Allowing businesses in both countries to share data without restrictions will make it easier for them to operate and grow. Once in force, the legislation is estimated to cut administrative and financial burdens for UK businesses by £11 million a year and is expected to increase exports to South Korea by £3.8 million annually.
Personal data is information related to an individual, such as a name or email address, and data must be protected to a high standard to ensure it's collected, shared and used in a trustworthy way.
After agreeing to a data adequacy agreement in principle in July 2022, the UK government has completed its full assessment of the Republic of Korea's personal data legislation. The government has concluded that the Republic of Korea has strong privacy laws in place which will protect data transfers to South Korea while upholding the rights and protections of UK citizens.
Before now, organisations needed to have costly and time-consuming contractual safeguards in place, such as standard data protection clauses and Binding Corporate Rules. The new freedoms will open up opportunities for many small and medium sized businesses who may have avoided international data transfers to Korea due to these burdens.
Removing barriers to data transfers will also boost research and innovation by making it easier
