Why You Should Care About GDPR
What is General Data Protection Regulation(GDPR)? GDPR is a regulation set by the European Union (EU) government leaders. Its intention is to strengthen and unify data protection for all individuals within the EU by May 25, 2018.
Who does GDPR apply to? All organizations anywhere in the world that handle, store, or process the personal data of EU citizens. GDPR dictates the procedures and consequences surrounding breaches and notification.
What are the Standards?
- You must ask for strict “opt-in” consent each time and for each purpose your organization uses a customer’s data.
- You must allow EU citizens to withdraw consent and prove the removal of consumer data in the event they do.
- EU citizens may request their information at any time, and you must provide it.
- You must notify authorities of data breaches within 72 hours of occurrence.
What are the Consequences?
- Fines up to 23.5 million dollars or 4% global revenue, whichever is greater.
- Risk of class action lawsuits from data breach victims.
- Damage on your company’s brand and erosion of consumer trust.
- Long-term revenue loss.
How do I prepare?
Train your employees to understand the standards. Click HERE to learn more.
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