GDPR has been a hot topic since its approval and adoption back in April 2016 and has been a key discussion point that the HAE EHA have emphasised at its Trade Fair & Convention and The Showman’s Show.
With the GDPR enforcement date fast approaching (May 25th 2018!), we’ve given you the answers to the important questions around the new regulation. If you’re unaware of the impact GDPR is going to have, it’s time to start looking into and taking steps towards GDPR compliance.
What is GDPR?
General Data Protection Regulation or more commonly known as GDPR is the most important change in data privacy regulation in 20 years. Data protection law is not a new phenomenon, in fact it has been in place for decades and is a law that businesses should have been abiding by anyway. However, the recent changes expand the privacy rights of EU individuals personal data.
Personal Data refers to any information that can be used to identify an individual e.g Name, Address, Email, Photo, Job Title, Bank Details, IP Address etc. Take a look at some more key terminology you might need to know.
Who does it impact?
All businesses will be impacted by GDPR, whether you’re B2B, B2C, a one-man band or global organisation, if you’re using systems that capture, store and process personal data of individuals based in Europe, then you are obliged to abide by GDPR. For example; if you’re based in the US, but have personal data of France based individuals in your system then you must be GDPR compliant.
When do we need to be prepared by?
GDRP will be in force as of May 25th 2018. Meaning there isn’t much time remaining to get your house in order. As mentioned EU Parliament approved and adopted the law back in 2016, giving businesses a 2-year transition period.
What happens if we don’t comply?
Non-compliance with GDPR can result in penalties by the means of fines. Guidelines are in place that businesses could in-fact be subject to fines of up to €20 Million or 4% of annual revenue. These are maximum penalties that can be enforced, with only the most severe breaches receiving such fines. However, the severity of these potential penalties should send a clear message the GDPR is not to be taken lightly.
Positive Impact of GDPR
It’s not all doom and gloom, GDPR isn’t something to be feared and it’s not as daunting as you might think. Putting the time and effort in to altering processes and ensuring compliance also brings with it many benefits.
- You’re compliant, you don’t need to stress about a large, unwanted fine.
- This presents an opportunity to cleanse your customer and prospect database, enabling you to pinpoint who has given consent for you to send them information, thus you have a pool of people you know are definitely interested in what you have to offer.
- Your number of leads may well reduce, but there is the potential that the quality of the lead will increase, creating a higher quality as well as value sales pipeline and allowing you to focus your time and effort where it matters most.