• What is GDPR?
The General Data Protection Regulation (GDPR) will come into effect from 25 May 2018. It is a drastic reform of the 20 year old Data Protection Regulation, and businesses will be expected to take greater responsibility in safeguarding data from individuals – users, clients, and employers alike. Breaches of key provisions in the GDPR will receive a fine of up to €20 million or 4% of global annual turnover for the preceding financial year, whichever is the greater.
• Will it apply to my company?
If your company does any of the following, you will need to comply, even if your company is not based in the EU :
– provide goods/services to people in the EU
– track/monitor activities or behaviours of people in the EU
– handle any data generated from individuals in the EU
• Are there benefits to early compliance?
Once you are GDPR compliant, it will give you a great advantage in Europe:
– European businesses will choose GDPR compliant companies over non-compliant bussinessess
– Your data will be better protected and less vulnerable to cyber attacks
– As the GDPR will be enforced in all EU and EEA member states, it will make it easier for your company to expand
– Your company will avoid costly fines (up to €20M, or 4% of your global revenue)