Fall short of the GDPR and businesses could find themselves with a damaged reputation and a hefty fine.
It’s been 4 years in the making, but the EU have recently unveiled new legislation, which is set to shake up how businesses collect, process and store their customer’s personally identifiable data.
Due to roll out on 25th May 2018, the GDPR will supersede the EU’s current legislation, the Data Protection Act of 2008. The new law will offer increased consumer protection in a world where digital advances and cloud technology has opened the flood gates to a whole host of data breaches.
With more companies getting on board with ‘big data’, the GDPR aims to restore consumer confidence in the digital economy and ultimately, encourage companies to be more open about how personal information is used.
GDPR, which will come into force across the EU, will also apply to non-EU businesses that handle the data of EU citizens. In addition, with the BREXIT wheels fully in motion, it is suggested the UK may even adopt the EU legislation, rather than trying to draft their own from scratch.
As the countdown begins to the launch in 2018, EU businesses will need to tighten their belts, ensuring they have greater visibility and control over how their customer data is handled. The EU will not only be slapping down tougher fines for non-compliance but the definition of personal data will expand to reflect new types of data collected, namely from the Internet of Things.
So, it’s time to start thinking about your data collection processes. Do you have the right systems in place that will allow your business to thrive amidst the new legislation?