GDPR– the Business Impact
What is happening and when?
On 25 May 2018, new laws governing the use of all personal data will come into effect throughout the European Union (EU). Known as the General Data Protection Regulation or GDPR, this will require all businesses operating in the EU to comply with the strictest data protection laws in the world.
Why is this important for my business?
All businesses handle personal data, for example relating to their employees and to individual contacts at customers, suppliers, prospects and other organisations they deal with.
The scope of personal data is broad, covering information ranging from names, email addresses and telephone numbers to credit card numbers, location data, health data and even IP addresses. Your business will therefore need to comply with the onerous new obligations imposed on it by the GDPR and respect the stronger rights granted to individuals.
Failure to comply could expose your business to the financial impact of heavy sanctions and the reputational damage of naming and shaming. You may even be required to stop or change the way your business operates.