GDPR is a regulation that makes businesses to secure the personal data and privacy of EU citizens for transactions that occur within EU member states and non-compliance could cost companies dearly.
New data regulations came into action on 25 May 2018 conditioning how businesses can manage their customer and prospective customers’ data.
The majority of European businesses will be affected by the EU's General Data Protection Regulation (GDPR), whether the UK remains part of the EU.
The incoming General Data Protection Regulation (GDPR) launch is a trending topic at the moment. Being a massive change to data protection laws in years, including the deployment of substantial penalties for companies breaching the rules, i.e. the legislation is in such a way that if you get caught, you're in a lot of problems.
One of the significant problems with the GDPR is that many people don't have a proper idea about what they require to do to assure that they're in full compliance.
That's why we've done the hard work for you by bringing everything you need to know together into a single blog post.
Still not sure how GDPR will apply to your business?
This list contains the essentials about the European Union's privacy regulations that have already taken effect in May this year.
- It has already come into force
The deadline for GDPR compliance was Friday 25th May 2018 which has passed, and any company that's not in full agreement after this date could find itself on the receiving end of some steep penalties including massive fines. - It has huge penalties
These penalties are much more, and there's a reason for that as old laws have failed to keep up with the data security. Data is now a more precious commodity as compared to oil, no wonder that the penalties for non-compliance are so significant. - It holds true across the world
Many people think that they'll get away with non-compliance because they are not within the European Union. After all, its EU legislation, and it covers EU citizens. GDPR applies to all business that processes the personal data of EU citizens, regardless of their geographical location. - It's Contemporary for Data Privacy
Data security and the way that companies are allowed to use it are topics of discussion currently. Personal data can influence elections. Then it's no wonder that the use and storage of personal data are under more perusal. - It’s for common benefits
GDPR provides consumers more control over their data. Also, to make it easier than before for them to stand up to abuse and misuse by big companies. Ultimately, the changes that it's ushering in are for the good of all of us. Hence it means that if you're handling customers' data, you have a moral responsibility to treat it responsibly.
So now, you must be having a good idea of what is GDPR is and how it can bother you. The next step ahead is to make sure that you're in full compliance with it.
The better part is by taking steps now. You can prevent yourself from a lot of troubles in the future. Even if you unnoticed the risk of being fined, there's still the potential damage. Especially to your company's reputation in case, it exposes you as being in breach of the GDPR.
Altogether, if this article fails to be helpful, we hope it acts as a reminder. GDPR has already come into force, and non-compliance to it is going to cost you tons of money ahead of. Honestly, it's not worth the risk of GDPR breaching.
Also, if you fail to update your systems and they penalize you then don't say we didn't warn you. Good luck!
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