GDPR stands for "General Data Protection Regulation" and comes into force on Friday 25th May 2018 ( 19 days from this article post ).
Do you own a small business with less than 9 employees ? If so then you need to evaluate how your business is storing personal data and if you are stating this in your terms and public policies. The regulation aims to give control over personal data back to individuals it applies to any company that holds or processes personal data of individuals residing within the European Union.
The penalty for GDPR non-compliance is up to €20M or 4% of annual global turnover... so it is highly recommended you get clued up about what you need to ensure is in good standing before the regulation starts enforcement on 25th May.
The regulation specifies that personal data should be:
- Processed lawfully, fairly and in a transparent manner
- Collected for specified, explicit and legitimate purposes
- Limited to what is necessary to meet the organization's need
- Accurate and, where necessary, kept up to date
- Kept in a form that permits identification of data subjects for no longer than is necessary
- Processed in a manner that ensures appropriate security of the personal data
This regulation is covering EU residents but this doesn't mean that if you are residing across the other side of the world that the GDPR doesn't apply to you. The GDPR covers the personal data of EU citizens, and if your company handles that data, it must comply with the regulation. Lets give you an example, you own your own hotel or a restaurant that collects customers Names, addresses and credit card information, you have some guests staying that reside in the EU... If you collect their data then this puts you into the GDPR and you must comply with the new regulations.
Download this free guide put together by @Bitsight-Technologies DOWNLOAD HERE
I hope this helps you to understand what the GDPR is and how it can effect you and your business.
