Core Points - The EU Data Act, effective from 12 September 2023, requires businesses in Europe to reassess their data management strategies [1] - The Act aims to clarify data value creation and usage rules, particularly for data generated by Internet of Things devices [2] - The legislation seeks to redistribute data control from large manufacturers and cloud providers to users and smaller EU companies [3] - Cloud providers are mandated to facilitate platform switching and interoperability, while technology firms must provide data to public sector bodies in emergencies [4] - The Data Act adds regulatory complexity for foreign multinationals already subject to GDPR and other EU regulations [5] - Companies are advised to review their data processing services and update contractual terms to comply with the new regulation [6] - The Act may create opportunities for businesses to access valuable data and innovate services, while also necessitating the protection of trade secrets [7] - "Access by design" must be integrated into certain IoT devices, ensuring secure data accessibility for users [8]