When you surf online, chances are websites track and store your information using cookies. But, did you know that there are policies that protect you and your information? One of these policies is the GDPR. What is the GDPR? What does it mean for your business? Continue reading to get the rundown on the GDPR.
What is the GDPR?
The General Data Protection Regulation (GDPR) is a law created by the European Union to protect its citizens’ privacy and information. It includes the concept of the “right to be forgotten”. This concept means any EU citizen can demand the company to delete their personal data with proof once it’s completed.
Further, the GDPR applies to businesses in the EU or if you have customers within the EU. So, if this includes your business, you need to take it seriously as significant fines for non-compliance can apply!
Yes, you can be fined!
Fines can reach 20 million EUR or up to 4% of the total worldwide annual turnover of the preceding financial year (whichever is higher).
Who is Covered Under the GDPR?
The GDPR doesn’t directly apply to North American companies. However, we expect something similar will become law in Canada (cf. Bill C-11). As the EU GDPR Academy suggests, the GDPR has become a model for many nations outside of the EU. For example, different US states have started implementing their own variations (cf. CCPA).
Just to give you some perspective, so far Google has been fined €50 million ($56.6 million USD) under the GDPR. Meanwhile, Amazon was fined €746 million, or $887 million USD in July of this year. This would be the largest fine imposed so far under GDPR, but Amazon plans to appeal the decision.
What This Means For Your Business
Even if you aren’t currently doing business in the EU, you need to think about safeguarding your clients’ privacy and information. As more national privacy laws are approved, expect to see more regulations fining businesses that aren’t protecting their users’ privacy well enough.
No matter where in the world you do business, you need to make sure you’re able to protect consumer data. This way, you are prepared for when similar regulations become law in your area.