May 25th is just around the corner, which means your business needs to be ready to comply with the General Data Protection Regulation (GDPR). This regulation was approved by the EU Parliament in April 2016 and will begin to be enforced from May 25, 2018 and matters to any company anywhere in the world that stores or processes data of people who live in the European Union.
Companies who aren’t in compliance will face hefty fines – up to $24million (20m Euros) or 4% of annual global turnover, whichever is higher. The intent of this legislation is to protect the data privacy for EU citizens and create consistent data privacy laws across Europe. You’re ahead of the game if you’re already complying with the Data Protection Act (DPA), the predecessor to the GDPR. Here’s what every business needs to know about the new elements of GDPR.
Author: Bernard Marr