The GDPR: A Mandate from Across the Pond
July 23rd, 2018 by ClientTech
The General Data Protection Regulation (GDPR) enacted on May 25, 2018 safeguards sensitive data of European citizens and enforces strict repercussions for businesses that do not handle information with care.
The GDPR promotes global data privacy for people in Europe who entrust their personal information with overseas companies. The best deterrent for the penalties introduced by the GDPR is education about the rules themselves. American businesses can become compliant with this new set of regulations by preparing ahead of time.
At its very core, the GDPR includes multiple filters to secure data for the EU’s global consumers: third-party entities are now fully responsible for data breaches, user data must be deleted upon request, and large data companies should hire data protection officers (DPO) to deter the mishandling of information.
Furthermore, international companies must alert authorities within 72 hours of a data breach, children must receive parental consent before accessing various social media, and users can transfer personal data between services as a right.
Disregarding these standards set by the GDPR could put businesses in a lot of trouble. Total costs of fines can be as much as 20 million euros ($24.2 million) or four percent of a company’s annual revenue, depending on which is higher.
Although following rules that America’s smaller companies will likely never get to have any say about can be annoying, there are plenty of ways for small businesses to integrate the new regulations into their business practices without much stress.
The first way to avoid penalties is for businesses to remain transparent with clients. The biggest thing the GDPR emphasizes is honesty when dealing with personal data. Businesses should develop privacy policies that are easy to understand and protective measures that are simple to follow. Clarity is key.
The second thing is to consider these questions when doing business with EU clients and beyond: Are banking, personal, or medical details necessary to continue growing your business? Where and for how long will data be stored? These types of questions can help small businesses refocus and recalculate the way they do things. Getting organized is a great first step to staying on the GDPR’s good side.
Lastly, listening to clients and providing feedback is important. Delete or update customer data when the client demands it, and stay in touch throughout the process. Having a steady stream of dialogue is a good way to reduce confusion on both sides.
Following the rules is something every company should do. If businesses are honest, transparent and clear about private policies, the GDPR will remain nothing more than a guideline for you to use to enhance your relationships with clients across the Atlantic.
ClientTech can help your company stay on track with the GDPR. We provide fast, reliable services to make sure your business’ IT is secure for your clients and you. Call us at 225-572-2111 or visit https://www.client-tech.com to learn more.
Information and statistics used in this article were collected from csoonline.com.