The explosion of data, brought about by ever sophisticated and pervasive technologies, has led to the new General Data Protection Regulation (GDPR), which will be the most comprehensive shake up of data protection laws in 20 years.
The GDPR aims to update the existing data protection framework across EU markets to reflect today’s digital environment; streamline existing laws making it easier for businesses to comply; and to give EU citizens a level of privacy that is consistent. This means that all data collected on individuals (with limited exceptions) will now fall within the scope of the new law. Such information includes email addresses and transaction history. Any company that processes personal data on EU citizens, regardless of whether they are in Europe or not, will be liable. GDPR will become law in the 28 EU member states in 2018, thus the onus is on retailers to ensure they are fully compliant within that timeframe. The non-compliance fines under the new legislation are up to 4% of a company’s global revenue, with non-financial obligations also in place that require reporting of any breaches ‘without undue delay’. Those who plan accordingly and implement changes that align with the raft of new regulation will benefit. Those who do not will not only pay a heavy price financially but also suffer potentially irreparable reputational damage.
Read the full article published by Finextra on 14th April 2016.
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