As of May 25th, 2018, if local businesses aren’t ensuring the highest possible level of data privacy, they’re risking serious financial consequences. The General Data Protection Regulation (GDPR) is coming into effect. What does this mean? All local businesses MUST be ready to take security more seriously than ever before. The EU Parliament approved GDPR in April of 2016 with enforcement set to start in a couple of weeks on May 25th, 2018.
Who Must Comply with GDPR?
All businesses storing or processing data of people living in the European Union must comply, regardless of where you’re located in the world. The EU is very consumer-focused and always has been. As data travels beyond the borders of the EU, GDPR is designed to help protect citizens as any company, anywhere in the world, is bound by its rules as long as they’re holding data on citizens.
Businesses of all types and sizes – from small one or two person shops to multi-national corporations – must comply. There are no exceptions. For those businesses already complying with the Data Protection Act (DPA), they’re one step closer to being in compliance with GDPR.
What’s the Risk of Non-Compliance?
Local companies who fail to comply with face fines – up to $24 million OR 4% of annual global turnover, depending on which number is higher. In addition to fines, local companies who fail to comply will also face the devastating impact of reputational damage as most consumers won’t feel comfortable working with a company that doesn’t prioritize data privacy.
What Do Local Companies Need to Know About GDPR?
First and foremost, local companies need to know that compliance is not optional. Every organization should become familiar with the provisions of GDPR so they’re aware of the requirements.
Here are a few key facts to know about GDPR:
Essentially, local businesses will have to review their marketing processes in terms of data mining and remarketing. However, those who have already prioritized data privacy will have less work to do to ensure compliance.
What Steps Must Be Taken to Ensure Compliance?
Lastly, make sure you’re working with a trusted team of technology experts who can help you put all of the tips above into action. You almost certainly WILL require some changes to your information technology environment in terms of how data is stored and processed. A good The Greater Toronto Area IT support company will help with this.
You need a technology services company The Greater Toronto Area businesses trust to help them comply with GDPR. Tektonic is that technology services company. Call us now at (416) 256-9928 or email us at email@example.com to get started.