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Companies Worldwide Scramble To Meet EU Data Deadline

Companies Worldwide Scramble To Meet EU Data Deadline

The GDPR is a daunting exercise, but it can benefit your business by building trust with customers and consumers - responsible data handling and accountability are the basic principles of good business after all. Without question, USA companies should revisit such incident response plans for GDPR compliance, and consider incorporating notification procedures for the handling of such "personal data".

One of the more recent reports, from Crowd Research Partners, claims that 60 per cent of respondent organizations are at risk of missing the GDPR deadline, and only seven per cent said they are in full compliance with the requirements. Companies in the USA that process personal data of European residents - including names, ethnicity and email addresses - and don't comply, face fines as high as four per cent of their annual revenue or 20 million euros, whichever is greater.

By Supratim Chakraborty & Sneh LataBusinesses having a touchpoint in the EU or transacting with EU users, may already be daunted with the spectre of compliance with European Union's latest regulation - the General Data Protection Regulation (GDPR). If your business collects the personal data of a person while he or she is on vacation in the EU, GDPR is potentially applicable.

GDPR ensures this higher degree of protection, while giving customers much greater control over the way their data is stored by businesses. In the wake of and under the fig-leaf cover of the Cambridge Analytica breach of 87 million profiles, Facebook has pulled up the drawbridge, shut down its APIs, and proclaimed themselves just-about-GDPR-compliant - not just in the European Union, but throughout the world.

GDPR goes beyond trade data, as seen with MiFID II compliance, by setting out new responsibilities for the financial sector to adhere to regarding any personal data.

The General Data Protection Regulation (GDPR) requires companies to reconsider data processing and storage in a way they have never done before. Failure to comply may trigger the hefty GDPR penalties.

With this in mind, local companies impacted by the new GDPR regulations must determine how they will organize and store information in a way where it is secure and can be easily provided upon the request of a client or a consumer.

Melissa Zabkowicz is an attorney in Reinhart's Corporate Law Practice and a member of the firm's Data Privacy and Cybersecurity team. To keep your company aligned, it's best to be diligent about assessing and updating your data privacy practices, leaving no room for errors.

Still, many organizations have not taken these critical steps.

Companies in the US that process personal data of European residents and don't comply, face fines as high as four per cent of their annual revenue or up to 20 million euros. So take a good look at the path towards GDPR compliance for your US business - getting tripped up is far easier than you may think.

The changes mean businesses must now actively seek explicit consent - which means an opt-in - on all marketing communications.

Expediting breach response (72-hour mandatory notification under GDPR) through improved understanding of data subjects impacted by data source compromise.

"One of the most important actions for an organisation is to trace personal".

The right to be forgotten, or "right to erasure" was cited by more than half as among the biggest compliance challenges. They have sectoral data protection laws that regulate certain types of data and certain uses of data.



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