General Data Privacy Regulation (GDPR)
About GDPR
What is GDPR?
The General Data Privacy Regulation (GDPR) is a European data privacy law protecting the personal data of European residents. Fines for non-compliance are steep: Up to 20 million euros, or 4% of a company’s prior year worldwide revenue, whichever is higher.
Which businesses must comply with GDPR?
Any business that handles the data of European Union residents must comply with GDPR, regardless of where the business is located or where the data resides. If you're wondering whether your business must comply, there are three questions you can ask:
• Does our company offer goods or services to EU residents?
• Does our company monitor the behavior of EU residents?
• Does my company have any employees in the EU?
If any of these apply to you, your business must comply with GDPR.
When did GDPR become law?
The regulation was adopted by the European Parliament in April 2016, but it officially came into force two years later in May 2018.
of consumers will not buy a product
from a company if they don’t trust
it to protect their data.
Insights
Article
GDPR governance: Staying the course
Now that the EU’s General Data Protection Regulation (GDPR) is in force, companies who have spent the last few months (or years) getting ready for it are breathing a sigh of relief. Even if your company created and executed a comprehensive readiness plan in time for the deadline, the task of maintaining your compliance is just beginning—and it has no end date.
Key Takeaways
• GDPR applies to companies all around the world, not just those in Europe.
• Data privacy compliance is not a box to be checked once. It requires ongoing effort and attention.
• The risks associated with non-compliance are rising.
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Privacy compliance is possible.
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