We’re now less than a month away from the beginning of the European Union’s enforcement of the General Data Protection Regulation (GDPR), effective May 25, 2018.
This is widely considered to be the most comprehensive data privacy regulation in the world, and it will impact all organizations that store and process personal data belonging to residents of the EU. Sanctions for violations of this standard can reach as high as €20 million or up to 4% of an organization’s annual revenue.
Simply put, GDPR standardizes data privacy regulations throughout the EU to enforce the protection of personal data.
So why should organizations in North America be concerned with GDPR compliance?
The short answer is that the regulation applies if an organization collects data from EU residents or processes such data on behalf of another party. In today’s global economy, there are certainly many companies with clients, customers and employees located in the EU.
Should your company be preparing for GDPR compliance? Visit our blog to learn more about what you should know.