The Internet has become an integral and essential commodity for countless individuals, businesses, and corporations. From email subscriptions to online shopping to social networks, personal information continues to be shared and rapidly spread.
Considering the frequent use of the Web, the European Union (EU) decided to regulate the handling of their citizens’ personal data. As a result, on May 25, 2018, the EU implemented the General Data Protection Regulation (GDPR), which legally defines how EU citizens’ data must be protected, stored, managed, and shared. That means businesses and companies worldwide must comply to GDPR if they possess any personal data from EU users.
Non-compliance leads to serious consequences. The penalty for companies that fail to comply is the greater between 4% of annual global revenue and 20 million Euros.
The 8 basic rights of GDPR are as follows:
1. The right to access
2. The right to be forgotten
3. The right to data portability
4. The right to be informed
5. The right to have information corrected
6. The right to restrict processing
7. The right to object
8. The right to be notified
With their rights, EU consumers can exercise greater control and feel more rest assured under the new regulation. Meanwhile, GDPR pushes companies to evaluate all their personal data and take measures towards compliance.
Additionally, GDPR may redefine Customer Relations Management and marketing practices. Sales teams must monitor their marketing activities and should avoid automatic email opt-ins without consent, even after B2B exchanges.
Companies working towards GDPR compliance may have to consider implementing any or all of the following:
• New or improved business practices and procedures
• Stronger cybersecurity
• Data breach notifications
• Documentation and classification methods
Study the eight rights previously listed and contemplate on how your company can best achieve compliance. Prioritizing personal data and obtaining consent will place your company in good standing with the EU. GDPR could then be one less thing to worry about.