The General Data Protection Regulation GDPR extends the scope of EU data protection law to all foreign companies processing data of EU residents.
The GDPR also brings a new set of “digital rights” for EU citizens in an age of an increase of the economic value of personal data in the digital economy.
The General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR) is looming and effective within the next three weeks, and YOU CANNOT AFFORD TO IGNORE THIS!
The EU General Data Protection regulation will become law on May 25th, 2018 – changing the landscape of regulated data protection law and the way that companies collect personal data.
- What are the requirements?
- Who will be affected?
- How does this help protect personal data?
- Does it only affect companies based in the EU? (hint: no.)
GDPR extends the scope of EU data protection law to all foreign companies processing data of EU residents.
It provides for a harmonization of the data protection regulations throughout the EU, thereby making it easier for non-European companies to comply with these regulations; however, this comes at the cost of a strict data protection compliance regime with severe penalties of up to 4% of worldwide turnover or €20 million, whichever is higher.
I think there are currently probably loads of people blissfully unaware of this imminent ruling and how it might affect their current business strategy, and if you are ready to discover more, again please contact me asap to discuss further.
See our GDPR policy here