General Data Protection Regulation (GDPR)…… Still confused?
Every piece of information about you out there on the internet, in the cloud, on registration for your club cards, emails you send, websites you visit and social media posts you make, all form part of your personal identity.
The General Data Protection Regulation (GDPR) is a regulation the European Parliament, the Council of the European Union and the European Commission brought about to ensure protection of your personal data within the EU. This includes things such as your Name, Photo, Email address, Personal medical information, IP addresses and Bank details. Personal data is any data which can identify a person.
The regulation over the past several years has been debated, tweaked, and refined. The biggest change was proposed in April 2016 and a two-year period agreed for this change to be implemented.
The existing Data Protection regulations are not suitable for the digital economy, and this causes a problem for both businesses and consumers.
Regardless of the size of a business the new GDPR regulation impacts everyone in the same manner. Compliance must be met with no exceptions. If your data collection, storage and usage is not fine you will be FINED! And not a small fine either! Fines can range from 2% – 4% of global turnover, or 20 million Euro, whichever is highest. This is effective from May 2018.
Like all change, this is causing some stress and slight euphoria within businesses. Remember when we were changing from the Punt to the Euro? We got there in the end with little or no catastrophe. And like most changes it proved to be beneficial.
Preparation is key to success no matter what situation you are in. Be knowledgeable, do you research and start GDPR protecting your business today.
Of course, Brexit has a direct impact on GDPR and what it means for your business, but then that’s another story…
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