GDPR, or the General Data Protection Regulation, comes into effect in the European Union on May 25, 2018. In theory, it’s supposed to harmonize data privacy laws across Europe, but in practice, it’s going to have far-reaching effects throughout the world because companies that do business with the EU are going to have to comply with GDPR if they want to keep doing business there—which means that even if you don’t live in the EU, you still need to know what GDPR says and how it affects you. Here are seven things you need to know about GDPR.
What Is GDPR?
GDPR stands for General Data Protection Regulation. It’s a new EU law that aims to protect people’s privacy and give them more control over their personal data. It will replace the Data Protection Directive from 1995. The date of enforcement is on May 25, 2018. The fines are up to €20 million or 4% of global turnover (whichever is higher). If you don’t comply with GDPR, your company could be fined.
How Should I Approach This?
The new regulations are on the books and global in reach, so it is important for all companies who store personal data (that’s every company!) to get prepared. The European Union General Data Protection Regulation (GDPR) will become enforceable on May 25, 2018. Prepare for the upcoming GDPR deadline by learning what these new laws mean for your business, and how to comply with them.
Does My Business Need To Comply?
If your business has operations within the European Union (EU) then you need to comply with the new data protection legislation, known as GDPR. No matter where in the world your business is located or what it does, if you have staff, clients or suppliers in the EU then you must take action now.
Who Does the Law Affect?
You’re probably aware that EU’s General Data Protection Regulation goes into effect on May 25th, but do you know what it means for your business? The regulation is a strict set of data protection rules that applies to any organization in the European Union, including private businesses and public bodies. If your company falls under this definition and stores the personal data of EU citizens then you’ll need to be fully compliant with the law by May 25th.
What Are The Fines for Non-Compliance?
The fines for non-compliance can range from two percent of global turnover in their preceding financial year, or four percent of their total global turnover (whichever is greater). If found guilty, the company may be fined on both a national and EU level. Non-compliant companies risk being barred from trading with partners located within the European Union.
Do I Have to Gather Consent From Each User on My List?
GDPR, or the General Data Protection Regulation, comes into effect in the European Union on May 25, 2018. In theory, it’s supposed to harmonize data privacy laws across Europe, but in practice it’s going to have far-reaching effects throughout the world because companies that do business with the EU are going to have to comply with GDPR if they want to keep doing business.
When Does it Take Effect?
General Data Protection Regulation, or GDPR, is an EU regulation that takes effect on May 25th 2018. Organizations who process the personal data of individuals located in the European Union, regardless of where they are located worldwide must comply with GDR. It replaces the outdated Data Protection Directive from 1995. While organizations outside of the EU still need to take GDPR into account, it is up to local laws which dictate how these organizations should handle private data if they want to do business with individuals residing in a member state.