Is your company ready for the new set of rules for sharing data online?
You might have noticed a lot of websites updating their privacy policies lately. Companies are updating their terms to ensure compliance with the General Data Protection Regulation (GDPR). The GDPR is a regulation passed by the European Union but since the internet is worldwide, everyone must take precautions to ensure compliance. This means the law applies beyond the borders of Europe itself and companies based outside of the European Union still need to comply if they do business with anyone in the EU.
The new law requires anyone collecting the data of EU citizens to follow strict rules about storing that data, disclosing data collection, and informing citizens of data access protocols. The GDPR provides for explicit and informed consent anytime the personal information is collecting from an EU citizen. Under the GDPR, consent requires more than previous regulations, which means companies will be asking permission to collect your data a lot more frequently. There must also be a clear way to revoke this consent.
The GDPR’s penalties include large fines per violation. There are multiple tiers of fines that can be applied to your business. These fines provide motivation for companies to implement stricter data policies.
The GDPR also sets rules for how companies share data after it has been collected, which means companies have to rethink how they approach analytics, logins, and advertising. The GDPR adds complex new requirements for any company that gets user data second-hand, such as from ad-targeting partners, requiring a lot more transparency on what a company is doing with your data. As a result of the GDPR, all of those partners should have their contracts rewritten to comply.
The GDPR goes into effect on May 25th, 2018 — so the clock is ticking if you have not adapted current practices to the new rules to avoid large fines.
It is important to contact a licensed attorney if you’d like to discuss the compliance. You can contact Wheeler Legal PLLC by calling (321) 209-5995 to schedule a consultation and find out how this firm can help you.
Disclaimer: The information contained above is provided for general informational purposes only, and does not constitute legal advice, nor is it intended to create an attorney-client relationship. This firm aims to provide quality information, but we make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this post. Nothing provided herein should be used as a substitute for the advice of competent counsel.