Visit our new website: worldnews.easybranches.com

GDPR – what it is and how it affect businesses

  • Fri, 21 Apr 2017 22:43

In 2016 the Parliament of the European Union approved the GDPR, or General Data Protection Regulation, which will take effect in May of 2018. This law is meant to protect the personal data of EU citizens, but perhaps the most significant thing about it is that it applies to businesses and governmental organizations worldwide that handle personal information of EU citizens. There’s just one problem- many businesses aren’t prepared for it to go into effect.

After the Brexit vote many businesses in Great Britain halted their preparations for GDPR, mistakenly believing it would no longer apply to them once they left the European Union. There are a couple of problems with this- Great Britain already ratified the GDPR, and Great Britain will still be in the European Union for a significant period of time after GDPR takes effect.

In the United States 77% if businesses have begun preparations for the GDPR, but only 6% are fully prepared for it to take effect. One major problem is that there will be nearly 30,000 GDPR data protection officer positions that will need to be filled and there just aren’t enough qualified candidates at this point in time. Two thirds of American businesses believe they will have to change their strategy on doing business with the European Union, and 85% believe the GDPR will make it harder for American businesses to compete with EU businesses.

There are some pretty still penalties for noncompliance with the GDPR. The law protects personal data such as name, location, identifying numbers, IP addresses, cookies, and RFID tags, as well as sensitive personal data such as health data, genetic data, biometric data, racial or ethnic data, political opinions, and sexual orientation. Fines for noncompliance in protecting these data categories for EU citizens can reach €20 million or 4% of global annual turnover.

Over 80% of data privacy professionals believe that the GDPR will have a positive impact on personal privacy, but companies still have a lot of work to do to prepare for it. They will need to conduct a risk assessment, create a data protection plan, implement stricter security measures, and possibly even hire a data protection officer. Reports will be required within 72 hours of a data breach, so having everything in place will be crucial to maintaining compliance.

Learn more about General Data Protection Regulation GDPR and how it may affect your business from this infographic! Are you prepared?

general data protection regulation  GDPR data protection officer

general data protection regulation GDPR

 

The post GDPR – what it is and how it affect businesses appeared first on ValueWalk.

ValueWalk

Tags


Harvard Business Review

Related Stories

Daily chart: Wealth inequality has been increasing for millennia
  • Thu, 23 Nov 2017 06:41

Main image:  THE one-percenters are now gobbling up more of the pie in America...

How The SVXY doubles When Rhe VIX itself Remains At 11: Find Out In 61 Words And One Chart
  • Thu, 23 Nov 2017 02:35

For those who still don’t understand the dynamic playing out in the world of VIX futures and the ETF’s which utilize them to “provide” exposur...

Dear Businesslady: Fighting the Work-From-Home Isolation Stress
  • Wed, 22 Nov 2017 22:35

Photo by Gene Bautista on Unsplash. Dear Businesslady, I recently switched to a remote setup with my company after moving to a new state. The trans...

Budget 2017: UK growth forecast cut sharply
  • Wed, 22 Nov 2017 21:01

Forecasts are slashed as the Office for Budget Responsibility downgrades its productivity outlook. BBC News - Business

(Continental) Europe Outperforms In 2017
  • Wed, 22 Nov 2017 18:40

Six months ago, we highlighted data showing that the eurozone appeared ready to emerge from the economic doldrums. Since then, the outlook for Europe ...

Skype removed from China Apple and Android app stores
  • Wed, 22 Nov 2017 16:28

Apple says it removed the call and messaging app because it does not comply with local laws. BBC News - Business

Hedge Fund Q3 Letters: Please Don’t Hack Paypal: More Bearish Than Paul Singer! Fantastic Upgrades Coming To VW Premium
  • Wed, 22 Nov 2017 15:18

Q3 hedge fund letters is nearing an end but we have a few updates  but the content is shifting to this PAGE – we will continue to note updates ...

Japan’s Comeback Is Just Getting Started?
  • Wed, 22 Nov 2017 12:39

It was one of the biggest stock market and asset price bubbles in modern history… I’m talking about the Japan economic bubble that burst in 1992. ...

The Robotic Revolution In Asia
  • Wed, 22 Nov 2017 09:39

Fintech… self-driving cars… renewable energy… blockchain… these will all make our children’s lives very different from ours. But there’s a...

Hinkley Point will 'hit the poorest hardest', say MPs
  • Wed, 22 Nov 2017 08:41

A report claims that the cost of the nuclear power station will weigh on poorer households. BBC News - Business

Ikea US relaunches furniture recall after child dies
  • Wed, 22 Nov 2017 07:42

The Swedish furniture giant says its chests and dressers are safe if secured to a wall. BBC News - Business

Ray Dalio On Leonardo da Vinci’s Principles
  • Wed, 22 Nov 2017 05:41

Article by Ray Dalio, via LinkedIn also read his book Leonardo da Vinci’s painting “Salvator Mundi” sold for a record $ 450 million...


News Categories