- Are you prepared for GDPR?
- Have you even heard of GDPR?
If you answer no to one or both of these questions, it’s not surprising. The EU’s General Data Protection Regulation (to give it’s full name) is pretty low on the priority list of most firms, even though it’s set to come into effect from May 25th, 2018.
But you must get up to speed with GDPR and what it requires from you. Here’s why:
Failure to comply with GDPR could cost as much as €20 million in fines, or up to 4% of your company’s total worldwide revenue for the preceding financial year, whichever is higher.
Got your attention? Good – now I’m going to tell you a bit more about what GDPR is and what it aims to do.
In simple terms, the aim of GDPR is to protect EU citizens and give them control over their personal data through a unified set of standards. This legislation will enable individuals to choose whether businesses use their data and how they use it. If personal data is not treated correctly, GDPR gives individuals increased legal protection and, in some instances, the right to claim compensation
In order to achieve this, GDPR requires companies to ensure that the identifiable personal information of all living EU citizens’ – regardless of where it is sent, processed or stored – must be protected. And proof of that protection must be verifiable.
And all companies – including international firms – must take note of GDPR. It doesn’t matter what happens with Brexit and it doesn’t matter whether you are based in Paris, London, New York or Timbuktu, or where you process your data. If you have clients who are based in the EU then GDPR applies to you and, with the threat of eye-watering fines hanging over you, you must take compliance seriously.
GDPR is something we’ve examined in great length at ProFundCom and we’ve made sure our whole system is compliant.
This has made me something of a GDPR expert (I know, I should get out more), so in a couple of upcoming blogs I’m going to tell you more about these regulations and what you must do to stay compliant.
Look out for my next post on the subject, coming soon.