By Michael Guta
With the European Union General Data Protection Regulation (GDPR) deadline only weeks away, many organizations are still not compliant. Caunce O’Hara, a UK commercial insurance broker, has created a handy infographic with everything you need to know about the regulation.
The GDPR deadline is on May 25, 2018, and when it is fully implemented it will provide a single set of rules for data processing in the EU. For anyone doing business in the EU and its citizens around the world, it means you have to follow the rules. Failing to do so will result in some heavy fines.
According to the official GDPR EU site, this is who the regulation will affect: “The GDPR not only applies to organizations located within the EU but it will also apply to organizations located outside of the EU if they offer goods or services to, or monitor the behavior of, EU data subjects. It applies to all companies processing and holding the personal data of data subjects residing in the European Union, regardless of the company’s location.”
In the infographic, Caunce O’Hara, warns, “Many companies are neglecting the impact of the GDPR on their businesses, and this needs to change as soon as possible with the impending date looming over us.”
So what is the impact if there is a violation. Again, the official site states noncompliance will result in a fine of up to 4 percent of annual global turnover or €20 million or $23.9 million. The EU wants to point out this is the most severe penalty and there is a tiered approach to the fines.
The GDPR addresses the fears consumers are increasingly feeling about the safety of their personal data. According to the data, 43 percent of users don’t want their personal information to be accessed by companies. The regulation will help by empowering consumers so they can demand their data whenever they want and forcing businesses to comply.
Why are Businesses not Ready?
The infographic reveals 28 percent of businesses are not familiar with GDPR and 51 percent believe it is too complicated for small businesses.
Businesses will have to change. They have no choice. Businesses must start by being more proactive in protecting the data of their customers and giving them more options.
Additionally, businesses have to be more aware of their legal liabilities. Depending on how much presence you have in the EU, this might require increasing the amount of insurance you have.
You can look at the rest of the data in the infographic below.
Image: Caunce O’Hara
This article, “GDPR: Should You Worry? What Small Business Owners Need to Know (Infographic)” was first published on Small Business Trends
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