As a small business owner overseas, getting ready to comply with the General Data Protection Regulation (GDPR) may not be at the top of the to-do list. Small business owners may think that the GDPR only applies to large, global companies that have business on the other side of the world, not for companies with fewer than 200 employees.
Having said that, GDPR is one of the largest and most far reaching global data privacy laws, and all businesses, no matter large or small need to be GDPR compliant with processes and documents in place. This new data protection law goes into force May 25, 2018 and will apply to all companies handling the consumer data of citizens within the European Union (EU), no matter the size, industry or country of origin of the business.
What should small businesses know about the GDPR, and why does it matter? The EU member states proposed the GDPR in 2012 to create consistent data privacy laws. The GDPR provisions specify that:
There are implications of these compliance requirements for smaller businesses point to the need for a GDPR-readiness strategy. So are you ready for GDPR? Here are a few ways:
But why does this all matter? Well, the GDPR noncompliance can trigger steep fines, as much as up to 20 million Euros (which is about 24.2 Million U.S. dollars) or 4 percent of a company's annual revenue, whichever is higher, even if noncompliance is accidental.
For small companies with pressing priorities, GDPR may not be the top objective. But no one likes having their data lost, stolen, damaged, misused or shared without proper consent. Doing everything you can to protect your customers and grow their trust could be a unique selling point, one that can be used to add value to your business.
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If you are a small business, and you need help as to how to comply with the GDPR, send us a message or visit our website, and we would be glad to help you. www.idlink.eu