It is no secret that the world has rapidly changed over the last several months. Many companies are reevaluating their business models to adjust to the challenges caused by the world-wide pandemic and to hopefully identify new business opportunities that may arise as a result of a new business environment.
According to a McKinsey & Company article in June 2020, consumers in the United States who adapted to online shopping for many goods and services may decide to continue those online shopping habits well after the pandemic subsides.
Innovative high technology and bioscience companies are pivoting their product development to address industry and market needs for more digital solutions and other new technology, such as more secure videoconferencing technology, enhanced interactivity for remote learning, advanced data analytics tools, and increased privacy and security measures.
Medical and health care entities are reimagining a new world with improved medical and health-related technology, including advanced tele-medicine for real-time remote interaction between physicians and patients, reliable health-care wearable devices and technology-based public health tools.
As companies evaluate their response to these anticipated changes they should consider the following key legal and business issues:
Thus, many companies may need to prepare new privacy policies and implement new internal privacy compliance programs in order to comply with new privacy laws such as the CCPA and GDPR.