GDPR Will Take Effect on May 25, 2018. What Is All the Hype About?
What is GDPR?
Four words: General Data Protection Regulation. Simply put, it is a piece of EU legislation that will take effect on May 25, 2018. This regulation will be implemented on how organizations collect, store, and process personal data.
EU as in Europe?
Correct. The GDPR legislation provides citizens of the European Union and EEA (European Economic Area) greater control over their data and assures their information is being securely protected.
My company is not based in the EU of EEA, so why should I care?
Because regardless of where your business is based, or where you process/store your data, GDPR applies to all organizations involved in processing data from the EU or EEA – even if your organization doesn’t have a physical location in Europe. So, if your organization applies to any of the following:
- Has a strong internet presence in the EU
- Is an ecommerce company that accepts EU currencies
- Has any EU visitors and you conduct any type of personalization or tracking on your website
Then this is something you will want to pay attention to.
If the above doesn’t apply to your company, you should still be paying attention because GDPR could be affecting you in other ways.
Data security and Internet privacy are hot topics worldwide, especially here in the U.S. In the wake of the Facebook / Cambridge Analytica Scandal (yikes) user data, and how that data is used under U.S. regulations has been the pain point of many discussions. So much so, Facebook put together a release on how advertisers can use their data moving forward.
Along with that, Europe’s GDPR regulations are already having an impact on the universal standard of collecting personal data and its uses.
What happens if I don’t comply with GDPR regulations?
Failing to comply with GDPR could introduce some serious fines of up to €20 million or 4% annual global revenue, whichever is greater.
You read that correctly. Failing to comply could introduce some pretty hefty fines. It is still unclear how EU regulators would impose these penalties on U.S. companies, but experts speculate you may be called upon to prove that you have complied.
What should my company be doing to prepare for GDPR?
- Learn More. Reading this article was a great first step! To learn more about GDPR and its policies, you can visit the EU’s General Data Protection Regulation site here.
- Understand if your company is collecting data, and how it is being used.
- Learn which measures you should take to assure you are GDPR compliant