Top 5 Questions And Answers About The New GDPR Regulations

Top 5 Questions And Answers About The New GDPR Regulations

You may have heard about the new rules and regulations called the GDPR, or General Data Protection Regulation.

Having gone into effect earlier this year, the GDPR is designed to protect the privacy and data of consumers living within the European Union, and represents the single most important change to data protection laws in recent memory.

You will need to make sure that your business is in compliance with GDPR if it applies to you, and Reciprocity Labs outlines and discusses the necessary steps that you will need to take for that to happen.

If you’re still not sure about exactly what the GDPR is or how it affects your business, the information you’re about to read should be of immense help.

Here are the top five questions and answers about the new GDPR regulations:

When Did The GDPR Officially Go Into Effect?

The GDPR was officially adopted by the members of the European Union in 2016, but the actual regulations did not go into effect until the 25th of May in 2018.

Who Is Impacted By The GDPR?

Any business or organization that meets any of the following criteria will be directly impacted by the GDPR and must be compliant:

  • Is physically located in the EU
  • Is based out of the EU (i.e. is taxed in an EU country)
  • Is located outside of the EU but still does business with people in the EU

Yes, this means that you could literally be running a business out of the United States, but if you sell any products or services to people living in the European Union, you will need to be GDPR compliant.

What Are Your Responsibilities Under The GDPR?

One of your biggest responsibilities under the GDPR is to obtain the explicit consent of each individual EU customer to collect and store any data that you ask for. This includes data such as phone numbers, home addresses, credit card information, bank account numbers, and so on.

This consent must be clear and in plain language, and you also must make it easy for the consumer to withdraw their consent as well.

What Specific Rules Must You Follow Under The GDPR?

The GDPR is very expansive, but some of the rules that you must follow under the GDPR include:

  • You can only collect consumer data for legitimate purposes
  • The data must be processed lawfully and transparently
  • All data must be up-to-date and accurate
  • You must obtain the consent of the consumer to store the data
  • The data must be properly secured against threats and risks

What Are The Penalties For Failing To Be Compliant

In short, failing to be compliant with the GDPR and being caught will result in you either being fined twenty million euros or four percent of your global turnover, whichever is the higher of the two. Needless to say, that’s going to hurt.

Clearing Up Confusion About GDPR

The GDPR is not something that you can ignore. So long as you are doing business with anyone in the European Union, even if it’s only one person, you will need to ensure that your business is fully compliant.

 

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