If you believe that your business will not be influenced by the General Data Protection Regulation (GDPR), as it’s not based within the European Union, you might be in for a bombshell. Whether a business is expected to be complying or not doesn’t depend on where it is based. If your business has any offices in the European Union, or if it handles the data of any EU nationals, it should abide by the GDPR.
Given the international character of most businesses these days, it’s likely that the majority of businesses that transact online will be dependent on GDPR laws.
What does this imply for your business?
When General Data Protection Regulation (GDPR), which comes into effect on 25 May 2018, any business that doesn’t abide by the laws might be penalized, or face other restrictions. Maximum penalties might be as much as 4% of the yearly transaction, or €20 million, whichever is more. You can begin to see why compliance is so vital.
Even though businesses might require making some modifications to the way they handle data, as a consequence of GDPR, it’s likely to be simpler than dealing with diverse sets of rules for different EU nations, as is presently the case.
Even though the application of GDPR is still some months away, it’s vital that businesses begin to work on compliance now. They must perform an audit of the data they possess and make sure that its nature, matter and the manner in which it was gotten meet the strict laws of GDPR.
It’s essential that this work is completed prior to 25 May 2018, so that businesses know that they are completely complying, and not run the risk of being sanctioned. In any case, no business desires to face the financial effects, and possible global trading problems, that might arise from non-compliance.