Who’s afraid of the Big Bad GDPR?
The General Data Protection Regulation (GDPR) is the new set of voluminous regulations that will become the controlling law for privacy protection of individuals in the European Union (EU) as of May 25, 2018 – No ifs, ands, or buts, and NO Exceptions (No Grace Period).
The GDPR: What you don’t know can hurt you!
If you think this soon to-be instituted voluminous set of confusing and ill-defined EU regulations won’t affect your company’s exposure to massive liability? THINK AGAIN…
To what entities does the GDPR regulate?
GDPR applies to companies – both in and beyond the EU - which meet one or more of the following (“Coverage Definition”):
o Company offers goods OR services to individuals in the EU;
o Company monitors individuals’ behavior;
o Company processes personal data of EU individuals on behalf of other businesses.
What is the extent of the jurisdictional reach of the GDPR?
The GDPR asserts jurisdiction over any company – anywhere in the world which satisfies the above-stated Coverage Definition – whether or not that company has any business presence or representative in the EU whatsoever.
What is the potential liability under the GDPR?
The Maximum Fine/Penalty: The GREATER Of €20M OR 4% of the Gross of the annual revenue of the Parent Company – PER VIOLATION.