European Union’s General Data Protection Regulation (GDPR)
In the 18 months since the European Union’s General Data Protection Regulation (GDPR) has gone into effect, more than $126M in fines have been levied against companies who haven’t complied with the law, including significant fines for Google, British Airways, and Marriott, and all signs point to continued, and possibly even ramped up regulatory assertiveness.
GDPR violators can be fined as much as €20 million or 4% of your business’s annual worldwide turnover of the preceding financial year, so there are real stakes for your company to comply with the law. However, fully understanding the requirements and implementing a system that meets them can be a daunting task, especially if you’re tackling it on your own. We advise making your solution compliant sooner rather than later, given the liability. Further, you can use the changes mandated by GDPR as an opportunity to improve your relationship with your clients and build deeper trust by giving them more control over how their data is used.
MacTech Ltd. is not a legal expert, and your business’s legal team should be involved with any discussions related to GDPR compliance. We can, however, work with you to build a system that complies with GDPR and help you flag major areas with which you will need to comply.