GDPR (General Data Protection Regulation) is a new European data protection regulation, and it will require all companies to comply with its requirements. It is important to note that, under GDPR, businesses can face large fines for not following the regulations. In some cases, businesses can be fined up to 4% of their global turnover, for non-compliance. While these fines may not seem large, they can prove to be extremely costly for businesses so it’s wise to learn more about what it means for your business.
The GDPR has created a few challenges for businesses, but it also comes with a lot of opportunities. For instance, companies that have 250 or more employees are required to keep records of how their data is stored, processed, and how they secure it. This is outlined in Article 30 of GDPR.
GDPR also bolsters the rights of individuals regarding automated processing. This means that businesses must inform people about decisions affecting their personal information. Furthermore, GDPR gives people the right to erase their data under certain circumstances. Businesses will have to update their security measures to comply with GDPR. This may involve hiring more security employees to make sure they are GDPR compliant. Businesses may also want to consider Confidential shredding Bristol. Find out more at https://www.printwaste.co.uk/confidential-shredding/confidential-shredding-bristol/
GDPR will impact all businesses that do business with EU citizens. It is crucial for all companies to be GDPR compliant, even those without a physical presence in the EU. Companies that track EU users may be subject to fines of hundreds of millions of euros.