The Consequences of GDPR
As you may have read in previous articles splashed across headlines this Memorial Day weekend, GDPR, the General Data Protection Regulation, went into full effect globally exactly 1 week ago, Friday May 25, 2018. GDPR is legislation put into effect by the European Union as a means of privacy regulation across the tech industry. Though this legislation mainly effects the European tech market, The US economy is strongly effected due to its global trade with the EU. In 2018, the EU has stolen the spotlight as the privacy and security watchdog on the world stage. Now that “GDPR day” has officially passed, implementation is escalating, and the final grades are ready to be posted. As it quickly appears, not all companies passed the test with flying colors.
Facebook, its subsidiaries Whatsapp and Instagram, as well as Google were the first to face lawsuits as soon as the clock stuck midnight on GDPR day. Their failure to comply was caught by Max Schems an Austrian Lawyer who wrote: “”We’re looking for big companies that really willfully violate the law, that kind of try to ignore it and try to get away with it,” Google was caught by French regulators, WhatsApp by German regulators, and Instagram by Belgium regulators. The companies may face billions of dollars in fines for not complying with the GDPR privacy regulation.
For months, we have heard how GDPR will effect these large tech companies who already have billions of dollars to spare, but the question you should be asking is: How will GDPR be effecting small and mid-size companies? Obviously, a data breach is the worst possible scenario for small and mid-size companies who care about their user’s personal information. Here are some steps companies can take when it comes to complying with GDPR Regulation:
- In a world of data, companies must assume that their users may not know exactly how much data is being taken from them and hence, may begin to start asking questions. It is the responsibility of these small and mid-size companies to adhere to these customer requests and spend some time delving in to their own data collection and considering exactly what they are asking from their customers.
- This well spent time could improve the company and inspire them to either omit needless information collection or become more transparent with their customers regarding the data they require and why.
- Regulations may bring customers and businesses closer together when it comes to the integrity and direction of a company.
- Hiring a compliance officer may be the best move for companies who wish to build a safe and secure future for their users and employees.
- Working with a development software team, like Sunvera Software, can guarantee your business follows intricate GDPR regulations which will save your company from financial disaster and ensure a prosperous future for your company.
- Don’t delay in discussing your future data security plan. Non-compliance with GDPR regulations will result in fines and penalties of up to 4% of your businesses’ global revenue of the previous financial year. They may be just a stiff price for big tech companies, but it is financial suicide for small and mid-size businesses.
While Europe may be the first watchdog for cyber security, they certainly will not be the last. It is in your companies best interest to invest in privacy and security for your users, as other countries around the world begin to adopt the same security policies. Global commerce around the world is changing, make sure your company is getting the help it needs by speaking with the Sunvera Software development team and pass the GDPR final exam.