5 Things You Need to Know About the GDPR
There’s a lot of things we love about Europe-- Tuscan vineyards, handmade pasta, pints and brats, bustling farmers markets, tiny local cafés, breathtaking works of art, endless gelato, intimate cobblestone streets-- just to name a few.
Data, legislation, acronyms- the GDPR might feel intimidating. We’ve broken it down into the 5 most important things you need to know about the GDPR.
1. What is GDPR?
The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union (EU).
2. What are the 6 Principles of the GDPR?
- Data must be processed “lawfully, fairly, and in a transparent manner.”
- Data must be “collected for specified, explicit and legitimate purposes.”
- Data processed must be “limited to what is necessary” for a specific purpose.
- Data must be accurate, up to date, and clean.
- Data shall be kept so it identifies a person “no longer than is necessary.”
- Data shall be “processed in a manner that ensures appropriate security.”
3. Who does it affect?
The regulation protects any relationship or transaction where one or more of the parties is located in the EU. The parameters are not based on citizenship, rather where parties are when interactions occur. If you’re considering hopping across the pond or you do business with anyone in the EU, the regulations apply.
4. When does the regulation go into effect?
May 25, 2018
5. What does this mean for me?
As a typical consumer in the US, other than a temporarily overflowing inbox, the GDPR won’t affect you too much; however, data awareness is important. The way the U.S. legislates data is very different than the EU, so whenever you’re sharing your data it’s important to know where and how it is being used.
As a small business owner in the US, if you collect or store any data on individuals in the EU you’ll need to take some steps to make sure you're compliant. There are some pretty hefty fines for violating the policy. For more information on making sure your business your business is adhering to the laws check out Amy Porterfield’s podcast and blog with Bobby Klinck -- GDPR For Entrepreneurs: What You Need to Know.
We know that legal jargon and regulations can sometimes be overwhelming and difficult to understand. Armed with a baseline of information, we hope that the GDPR seems less of an insurmountable beast.
What steps is your company taking for GDPR compliance? Need help? Contact firstname.lastname@example.org.