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GDPR: What It Is and How It Might Affect Your International Business (Hint: A $24 Million Fine)

You’ve probably received several emails from companies such as Google, domain hosts, and CRM companies explaining changes to their privacy policies. There is a very good reason for that.

A $24 million or €20.5 million fine for not updating your privacy policy.

Below are videos that explain what GDPR has to do with these changes, why the changes are important, and who the changes are for.

To summarize, The European Union’s (EU) General Data Protection Regulation (GDPR) on data privacy will go into effect on May 25, 2018. This regulation requires you to specifically lay out how customer data is being utilized for your company or online business. How and where it’s being stored, if it’s being sold, and what information is being kept are all important details that will be required within your privacy policy.

If you have ANY customer/client data from people who live in the EU, changes to your privacy policy are 100 percent needed.

While this policy change may not be needed for everyone – such as a small, local restaurant in Roanoke, Virginia – if you are doing business in the EU, ever consider expanding into the EU, or if you think you will ever have a client in the EU, now is the time to make those changes. Starting on May 26, 2018, law firms will actively target large businesses with clientele in the EU as a starting point for huge GDPR lawsuits. With each fine being $24 million, this could be a very lucrative market for law firms all over the world.

Want to learn more about GDPR? Check out the YouTube video and article below. If you haven’t started making changes to your privacy policy and your business works with clients/customers in the EU, we highly suggest consulting with your legal team to begin making those changes. Hurry – the deadline is May 25!

A great article that explains GDPR: http://money.cnn.com/2018/05/21/technology/gdpr-explained-europe-privacy/index.html

Topics: Blog