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The year 2018 brings along the long-awaited arrival of the EU’s General Data Protection Regulation (GDPR) that is expected to come into effect from 25th May, 2018. If you expect Brexit to have an impact on the regulation’s existence in the UK, you should know that the UK Government has deemed GDPR compliance to be mandatory and hence there is no change of plans as far as GDPR is concerned. This article will give a brief overview of what GDPR is and how it is expected to affect various businesses and consumers.
The main reason behind introducing GDPR is to create an environment wherein people are believed to have more control over what they share publicly or privately. Data shared on the internet will be considered to be the responsibility of the collector and processor rather than the one sharing it. Under GDPR compliance, organizations such as banks, social media platforms, and retailers are required to gather personal data through legal ways and are deemed responsible for the protection and security of the information.
Under the GDPR compliance, data is not only limited to the name, address, and photos of consumers. Information regarding the IP Address or the Biometrics of an individual is also considered to be a part of personal data.
In cases of non-compliance, businesses will be charged with a tough fine of up to 10 million euros. Furthermore, there is also a factor of accountability that holds great importance when complying with GDPR. In case of a breach, businesses are required to report it to the appropriate authority within 72 hours. Depending on the kind of breach, businesses might also need to inform the customer regarding the violation. In addition to informing the customers, the businesses will also be asked to share with the customers the different ways in which the breach might affect their lives. Examples could be theft, identity scam, or loss of personal relationships.
Following the GDPR compliance, businesses will need to pay more attention to how they collect, store, and manage personal information obtained by the customers. Furthermore, there are many additional ways in which businesses will be affected by the GDPR, some of which are:
Before the deadline approaches, it is recommended for businesses to plan and prepare for the upcoming changes under GDPR. Here are a few steps that can be taken by businesses to ensure adequate preparation.
Getting ready as early as possible for the upcoming changes is extremely important to avoid any possibility of a breach. Since there is a lot of emphases is laid on this regulation, businesses should be prepared for assessment.
The original article was originally posted here: https://lakewood.media/gdpr-expected-affect-businesses/