GDPR – the basics…
GDPR Here’s a short synopsis on the key changes in the run up to May 2018. We will launch our own GDPR campaign within the City AM in September.
If you are interested in hearing more about the upcoming campaign – please reach out.
Somya Sharma – Senior Project Manager
07748 324843 firstname.lastname@example.org
For those with a passion for data regulation, GDPR is ‘Christmas come early!’ – If you’re not clued-up about the new data privacy laws however, here’s a short synopsis on the key changes in the run up to May 2018. We will launch our own GDPR campaign within the City AM in September this year to address the operational impacts to your business.
Consumers don't trust companies
The new set of regulations is the EU’s solution to greater consumer distrust in data handling. We are going to see significantly tighter checks, such as data breach obligations and a greater importance placed on the data subject. I know, it’s all very exciting isn’t it…
"The way that companies handle business, and subsequently, personal data, is about to become a lot stricter."
Soon, the customer has more of a voice in how their data is handled, and which data can be used. For example, personal data will have to become anonymous to the business, while business data must be used with the subject’s consent. What will become a roadblock for companies offering targeted advertising will benefit consumers who regain their trust in an organisation.
You may need to recruit more staff
Other operational impacts include the compulsory hiring of a data officer to check compliance measures. Failure to comply with any of these regulations will result in a hefty fine. Either €20 million, or 4% of a companies annual turnover – whichever is more. Now you’re listening…
"Failure to comply could result in a €20 million fine, or 4% of your annual turnover."
Another vitally important aspect of this is the topic of cross-border data transfer. This is the area expected to produce the largest fines, as data will only be allowed to transferred to countries that are aligned with GDPR. Therefore, whether you’re based in South Korea, USA or Lapland – so long as you have any business communication with EU member states, you must also abide by GDPR.
Theresa May herself has noted that the UK will be abiding to full GDPR legislation, as we will still be an EU member state when the laws come into effect. Moreover, in our globalised business culture, it would be impractical to go against these new regulations.
We anticipate that GDPR implementation will provide customers with greater trust in how their data is handled and by an organisation.