What Does GDPR Mean for Your Business?

When you run a business of any size, there are certain factors that you have to take into consideration and certain rules that you have to operate by in order to keep everything legal and above board. One of the crucial things that businesses have to be very careful about is customer data including personal and financial data.

For years, businesses and organizations have been bound by the Data Protection Act but this is now being replaced by the General Data Protection Regulation, which is a replacement that hopes to achieve more and improve the way in which data is handled by businesses. This law will be in place across Europe and will have a big impact on the handling of personal data by businesses.

Which businesses does it apply to?

With the new GDPR due to come into force over the coming weeks, many businesses are panicking in case they inadvertently fail to adhere to the regulations. However, there are plenty of resources and lots of information now available about the regulations, which means that you can familiarize yourself with what is involved.

One thing to remember is that the regulations are relevant to businesses that are operating within the EU. However, you should also bear in mind that the regulations apply to businesses that are not located within the EU but provide access to services and products within the EU. It is important to remember this, as businesses located outside the EU may become complacent in the belief that this is a European regulation that will not apply to them. However, this is not the case – if you deal with customers in the EU you will need to be aware of the regulations too so that you can put them into place.

When it comes to your privacy notice in connection with the GDPR, you need to ensure that you supply clear, easy to access information in relation to the way in which you process personal data. This should be outlined clearly and concisely so that it is completely transparent and it must be free of charge. Some businesses have questions whether the new regulations only apply to larger businesses – the answer is that all businesses in the EU or selling goods and services in the EU will have to be complaint no matter what the size or number of employees.

An increasing amount of information available to businesses online

The good news is that the government has put plenty of information up online to help businesses prepare and get to grips with the new regulations, and updates are being made all the time. This makes it easier for your to stay on top of any developments and changes with these regulations to help you more easily implement them. You can also get independent advice from experts and the government is in the process of getting industry-specific experts on board so that businesses can get detailed information about these regulations in relation to their own specific industry.

The post What Does GDPR Mean for Your Business? appeared first on Home Business Magazine.