The new regulation, GDPR has been around for a little over two years now and it’s already had an impact. The purpose of this law was to give people more control over their personal data while also holding companies accountable when collecting or using that information – something which we think will make everyone feel better about what they share online!
One of the most significant aspects of GDPR is its enforcement mechanism: companies that violate the regulation can be subject to heavy GDPR breach fines. In order to avoid hefty fines of up to 4% of global revenue or €20 million ( whichever is greater), businesses need to ensure they are compliant with all aspects of this law.
This means that GDPR breaches are not just an abstract possibility-they could have a very real and significant financial impact on your business. If you are doing business in the EU or with EU citizens, it’s important to understand the cost of noncompliance before it’s too late.
How the regulation will affect your business
If you’re a business owner, then you’ve probably heard of the General Data Protection Regulation (GDPR). It’s a new regulation that’s meant to strengthen and unify data protection laws across the European Union. And if you don’t comply with it, you could face some hefty GDPR breach fines.
So what does GDPR require of businesses? Basically, it requires businesses to get explicit consent from their customers before collecting, using or sharing their personal data. It also requires businesses to provide customers with clear and concise information about their rights under GDPR. And finally, it requires businesses to take steps to protect customer data from theft or accidental loss.
If you’re not sure whether your business needs to comply with GDPR, you can check out this handy guide from the European Commission.
What are the penalties for non-compliance?
The penalties for non-compliance with GDPR are pretty severe. If you violate the regulation, you could be fined up to 4% of your annual global turnover or €20 million (whichever is greater). And if you intentionally or negligently violate the regulation, you could be fined up to 8% of your annual global turnover or €40 million (whichever is greater).
So if you’re thinking of ignoring GDPR, think again. The GDPR breach fines could bankrupt your business.
How can you avoid violating GDPR?
The best way to avoid violating GDPR is to make sure you have explicit consent from your customers before collecting, using, or sharing their personal data. You should also provide them with clear and concise information about their rights under GDPR. And finally, you should take steps to protect your data from theft or accidental loss.
If you’re not sure whether your business needs to comply with GDPR, you can check out this handy guide from the European Commission.
Why is it important to comply with GDPR?
The General Data Protection Regulation (GDPR) was introduced in May 2018 as a response to the UK’s General Data Protection Regulation (GDPR). It establishes stringent rules for how personal data must be collected, used, and safeguarded. Breaches to GDPR can result in heavy GDPR breach fines, so it’s important for businesses to understand and comply with the regulations.
GDPR applies to any company that processes or intends to process the data of EU citizens, regardless of where the company is based. This includes companies that collect data through online surveys, contact forms, cookies, or other tracking technologies.
The main reason for introducing GDPR was to give individuals more control over their personal data. Under GDPR, individuals have the right to know what personal data is being collected about them, the right to have that data erased, and the right to object to its use.
GDPR also imposes strict rules on companies about how they must protect personal data. These include requirements to implement technical and organizational measures to safeguard data from unauthorized access, destruction, or alteration.
Ways you can protect your data in light of GDPR and new EU regulations
There are a few ways that you can protect your data in light of the new GDPR and EU regulations. One way is to make sure that you have a data governance program in place. This will help ensure that your data is being managed in a way that complies with the regulations. You can also make sure that you have a data loss prevention (DLP) program in place. Finally, you can make sure that your employees are aware of the new regulations and how they need to comply with them.
Summary
Despite some of the initial confusion and even panic surrounding GDPR, it’s important to remember that compliance with the regulation is mandatory for businesses that process or store data belonging to EU citizens. The penalties for non-compliance can be severe, so it’s worth taking the time now to understand what you need to do to protect your business and customers. If you need help getting started, we’re here to assist you in making sure your business is compliant with GDPR and all new EU regulations.