Two significant pieces of UK legislation received Royal Assent today.
Online Safety Act 2023
- User-to-user and search services must assess and mitigate risks from illegal content, with further duties where children are likely to access the service.
- Ofcom is the regulator, with powers to issue fines of up to £18 million or 10% of global turnover.
- New criminal offences, including false and threatening communications.
Economic Crime and Corporate Transparency Act 2023
- Companies House reforms, including identity verification for directors and persons with significant control.
- A reformed “identification doctrine”, making it easier to attribute economic crimes by senior managers to organisations.
- A new corporate offence of failure to prevent fraud for large organisations, to be commenced once guidance is published.
Both Acts will be implemented in phases over the coming months and years. We will keep you updated.
Source: Online Safety Act 2023 (legislation.gov.uk)
This update is general information, not legal advice. If you would like help assessing the impact on your information security or privacy programme, contact us.
