What is GDPR?
The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union (EU). The GDPR sets out the principles for data management and the rights of the individual, while also imposing fines that can be revenue-based. The General Data Protection Regulation covers all companies that deal with data of EU citizens, so it is a critical regulation for corporate compliance officers at banks, insurers, and other financial companies.
How GDPR affect to your small business?
The whole process of GDPR compliance although seems to have few main points is a large process to implement even for a medium and large-scale firm. A small firm might find it a complex task to fulfill. In this situation however, it is good to take the assistance of a third-party expert.
Update security and firewall systems Firms will also need to take precautionary measures to check that their security alert systems are equipped to spot and react to any break-ins quickly because, under the GDPR, data breaches will have to be reported within 72 hours. 5 b) €20m Penalty Why is GDPR so important? Because non-compliance of GDPR can lead to a fine of up to €20m or 4% of global annual turnover, whichever is greater. The rules are also quite clear on the fact that whoever is responsible for the breach – whether an employee, a malicious attacker, or a partner or other third party – is irrelevant; it will be the organisation that pays the penalty and suffers the consequences of a bad reputation.
How Execution of GDPR?
1.Have you updated your privacy notices?
2. Do you use leading-edge consent forms?
3. Are your contracts future proof?
Article Source : How will data privacy law affect you?