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The General Data Protection Regulation and What It Means For You

A Fact Sheet

Will the European Union’s (EU) General Data Protection Regulation (GDPR) impact US businesses?

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You bet it will. Here are seven facts about the 28-member EU attempt to strengthen data security including 72-hour breach reporting, stronger consumer consent, and high fines:

  • On May 25, 2018, any company that gathers data on EU citizens needs to comply with the GDPR.
  • A PwC survey suggested that 92 percent of US companies consider GDPR a top data protection priority.
  • If you collect personal data or behavioral information from someone in an EU country when the data is collected, your company is subject to the requirements of the GDPR.

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General Data Protection Regulation

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  • At first glance this sounds like it might not apply to US businesses. However, any US company with a web presence and marketing products all over the web may need to comply.
  • A financial transaction does not need to occur. If your business collects personal data or personally identifiable information (PII), the data needs protection using GDPR guidelines.
  • Generic marketing does not count, just targeted marketing.
  • The EU is serious about a uniform data and privacy law for its market. This rule has already changed the web practices of major US companies.

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You Need To Know About GDPR

In general, if your enterprise is a US based hospitality, travel, software services, or e-commerce companies, you will need to scrutinize the online marketing practices you use. Especially, US businesses targeting European markets need to become fluent in GDPR regulations.

Since this is a new development, the application and interpretation of GDPR for US businesses will evolve.

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General Data Protection Regulation

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Also, there is a lot of information about GDPR on the internet. The two sources used for the above information are:

  • https://www.csoonline.com/article/3202771/data-protection/general-data-protection-regulation-gdpr-requirements-deadlines-and-facts.html
  • https://www.forbes.com/sites/forbestechcouncil/2017/12/04/yes-the-gdpr-will-affect-your-u-s-based-business/#5137018b6ff2

Make sure you review GDPR and know about any impact to your business. The fines levied for non-compliance are significant.

Note: This quick fact sheet is not meant as a definite guide to the GDPR. It’s just a note to make our clients aware of these regulations which may or may not impact them.

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