What Does the EU GDPR Mean for My Business?
The EU GDPR (General Data Protection Regulation) is a new regulation passed by the European Parliament in April of this year. While it does not come into effect until 2018, it supersedes all data protection acts for any businesses doing business with EU companies or storing any EU citizen’s information.
It is important that all businesses comply with the EU GDPR before it comes into effect. The penalties are very significant; with fines of up to €20 million there is a very real risk that breaching the regulation could spell the end for a small to medium business.
So what does the EU GDPR entail? It is essentially a set of definitions and regulations regarding the personal data of EU citizens. Almost all companies must abide by this regulation, not just companies in the EU – if any aspect of your business deals with, or allows dealing with, an EU citizen’s data, you must abide by the EU GDPR or risk facing the penalties for non-compliance.