Getting to Know the 4 Magic Letters of Compliance: GDPR

The General Data Protection Regulation (GDPR) is a major piece of legislation coming out of the European Union that could severely impact businesses based in the U.S. or abroad, particularly those processing personal data of EU individuals. The GDPR ensures appropriate protection of personal data and aims to balance individual rights with business needs, outlining key principles such as lawful and transparent processing, accuracy and security. Non-compliance can result in significant fines, up to €20 million or 4% of global revenue, whichever is higher. Businesses must ensure compliance by May 25, 2018, when the GDPR takes effect. The regulation applies not only to EU-based businesses but also to those offering goods or services to people in the EU or monitoring their behavior. Understanding and complying with the GDPR is crucial for any business dealing with personal data.

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