What does GDPR mean for your business?
With penalties of up to 4% of annual turnover, the ramifications of not understanding the GDPR could be huge.
On the 25th May 2018, the GDPR legislation comes into play. This article is intended to prepare you and your business.
What is GDPR?
The General Data Protection Regulation (GDPR) is a new legislation that is aimed at strengthening data protection, by giving consumers greater control over how our personal data is stored and used.
The GDPR is the biggest change to data protection in this generation.
Why is it necessary?
Internet and cloud technologies have grown massively since the 1995 EU Data Protection Directive. With the developments, companies have gained new ways of using and sharing personal data. The new legislation has been introduced to regulate how businesses use, share and hold individuals data.
Does Brexit mean that GDPR doesn’t apply to UK businesses?
In short: ‘No’.
The UK will still be a recognised member of the EU on 25th May 2018. Therefore GDPR will automatically become part of domestic law and it is all most certain that it will continue to be part of UK law after we Brexit is complete.
GDPR will be relevant to all organisations that reside within the EU, provide goods or services to individuals within the EU or that process any EU citizen’s information.
What are the penalties?
There are fines of up to 4% of annual worldwide turnover or €29million- whichever is greater
Below is a video from the Information Commissioner Elizabeth Denham breaking down the importance of GDPR.