The General Data Protection Regulation (GDPR) is a regulation that is intended to strengthen data protection for individuals within European Union (EU) countries. The GDPR will go into effect on May 25, 2018. The primary objectives of the GDPR are to give people more control over their personal data, to help protect personal data from the risk of loss, and to unify regulatory privacy and data requirements within the EU.
It is vital that any organization who conducts business in the EU understands the overall design of the GDPR and why preparing their technology and processes now for this new legislation is so critical.
Today's technology is much different than it was 20 years ago. No one could have predicted how the Internet, smartphones and the widespread use of social media applications such as Facebook and Twitter could have global implications.
As a Regulation, the GDPR enacts a uniform data security law across the EU. Each EU country will no longer need to pass their own legislation for data security; the GDPR will be the guiding law. However, EU countries can still regulate certain types of data such as health data.
If you are currently doing business in the EU, you may already have privacy processes and procedures in place. But will these hold up to the new GDPR regulations and requirements? For instance, the GDPR has set a higher standard for consent. To ensure that your business is GDPR compliant, it is essential that you review your consent policies and procedures to verify that these meet the new higher standards.
The risk to your company? High levels of fines (which can be as high as 20 million euros or 4% of your total worldwide annual revenue, whichever is higher) as well as damage to your brand and reputation.
PossibleNOW and our sister company, CompliancePoint, can help you determine your preparedness and then recommend appropriate solutions and services. Get started now!