Leading data company in the US Palantir Technologies Inc. shared a warning with its investors this Tuesday. The warning indicated that compliance for the company has become critical. It is a fair warning required by the law in cases where public companies may lose it all.
The warning can be found specifically in its application request to be listed on the New York Stock Exchange as an act of going public. The statement clarified that there exists an “overarching complexity” of privacy and data laws from country to country which poses major compliance challenges for the data company.
While this may not be seen as a sign of failure and it is only a fair warning, some may mention Murphy’s law. In the past, some of the biggest data processors and collectors have incurred data breaches, challenges and made mistakes once they grew in size and operation.
Privacy, data protection, and information security are still evolving and taking shape around the globe. They are critical and competitive factors in the industry that Planatir operates in, the company said in its S-1. Other big data companies like Google, Facebook, Amazon and Apple also face similar challenges.
According to the company: “Outside of the United States, virtually every jurisdiction in which we operate has established its own legal framework relating to privacy, data protection, and information security matters with which we and/or our customers must comply”
Palantir is concerned that this changing climate and the changing standards, “could manifest in costs, damages, or liability” for the company if it fails to implement and follow proper programmatic controls, or experiences malicious or inadvertent breaches of privacy requirements.
According to the CEO of Palantir: “Software projects with our nation’s defence and intelligence agencies, whose missions are to keep us safe, have become controversial, while companies built on advertising dollars are commonplace. For many consumer internet companies, our thoughts and inclinations, behaviours and browsing habits, are the product for sale. The slogans and marketing of many of the Valley’s largest technology firms attempt to obscure this simple fact.”
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