GDPR is the new regulation that will regulate how personal data of citizens in Europe are handled. It will come into effect on the 25 of May 2018. It is a law that all business owners need to be aware of and understand what the regulation is and how it will affect businesses and possibly your business. Once you understand these things you can prepare to become regulation compliant.
Why the regulation is being introduced:
It is brought about to regulate the way businesses that operate in the European Union in regards to the handling and processing of personal data.
The GDPR will provide the best practice framework for businesses that handle data and encourage businesses to be more proactive in protecting and handling data in a more safe and secure way.
What are the benefits of the regulation to data subjects?
One major benefit of the law is that it will give more control and protection to citizens of the EU in regards to how their personal information is used and stored. All data subjects will be made aware of what data is being stored and how it is shared.
What will happen if a company does not comply?
Failure to comply with GDPR will result in serious financial repercussions. A company found in breach of the regulation will have to pay up to 20 million Euros or 4% of their global turnover. The fine will be whichever figure is higher. This extortionate sum of money is one of the reasons why businesses’ are taking the new regulation very seriously.
Will the regulation affect smaller companies as well as larger ones?
The regulation will have an effect on businesses with more than 250 employees as these companies will need to hire a Data Protection Officer to oversee and monitor that the regulation is being complied with internally. However, for smaller businesses with under 250 employees, it is not necessary to hire one but these companies should consider it.
If your business processes or handles any personal data then your business must adhere to the regulation. Depending on the companies budget you could hire a current one of your employees and have them fully trained in GDPR.
How do you make your small company compliant with the regulation?
Although the date the regulation is coming into effect is not long away, many companies are not prepared. Many are even unsure if the regulation will affect their company. As said before, if your business processes or handles any personal data then your business must adhere to the regulation, regardless of its size.
Therefore, it is important to educate your employees so that they understand the regulation and can recognize when there is a breach. The risks of being non-compliant should be highlighted. This knowledge will be a benefit to your company as employees will know the importance of being compliant. Businesses should encourage staff to be proactive in being compliant with the regulation.