Today, in every sphere, be it a social media company, or retailers client’s personal data is collected, stored and used whether it be a name, email address, or your credit card details all your personal data is stored by various private and government agencies. Well, with the increase of data breaches, personal data is the main target. It can be easily stolen, lost or even misused. So how to safeguard your personal data falling into the wrong hands? The solution is- GDPR. In this article, we will be discussing the GDPR impacts on your business as well as the strategy applicable for the EU.

What is GDPR?

GDPR is a popular term that stands for General Data Protection Regulation. It is a new set of rules designed to give control to EU (European Union) citizens over their personal data and transaction privacy. GDPR was acknowledged by the European Parliament in The year 1995 which was considered as outdated for many reasons!, Whereas April 2016, was the year that had successfully supplanted data security benchmarks.

The provisions are reliable over each of the 28 EU members states, which states that organizations have only one standard to meet within the EU. Although, that standard is very high and will require most organizations to influence a huge investment to meet to and to oversee. The effect is outside of Europe, too. American organizations and different overseas companies will probably change their European system. GDPR aims at not only keeping the personal data secure and stored legally but also ensures that the collected data will not get exploited or misused.

However, the threat of data breaches not only affect individuals, but also the businesses. So, when seeking an effective means to secure the data, GDPR is a rescuer here. It has impacted small to medium-sized businesses to a large extent. How? Let’s find out.

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Application of GDPR

impacts of GDPR on our business

The GDPR will be applied to all the European Markets. Even if you are not a European citizen, and if you collect, share and use personal data of EU members, then also you have to agree to all the regulations. While a few likenesses exist with the present UK Data Protection Act 1998 (DPA), the GDPR will:

  • Introducing a number of new and diverse needs of the businesses
  • Giving more control to individuals over their personal data
  • Apply to firms other than EU that can process the personal data of EU citizens.

GDPR actually applies to all those companies that can hold and process the personal data of EU residents. There are many firms outside EU that are unfamiliar with the GDPR EU regulations. To make it clear – If a firm offers services or goods to EU residents, it is crucial for them to meet the compliance requirements of GDPR.

The main aim of GDPR

The main emphasis of GDPR is to handle and secure personal data of EU residents. It not only includes, name, phone number, address or credit card details but also includes ethnic data, genetic data, biometric, health, political opinion as well as sexual orientation. Even for businesses, this regulation can help in a vast amount data storage easily.

Why do you need to abide by GDPR?

Today, the internet is flooded with false information between UK and EU. To shut all the open mouth, UK’s Information Commissioner’s office and GDPR legislations are in charge of authorizing data insurance laws, they have undoubtedly expressed that the rules are same for all.

  • If the firm with a team of fewer than 250 employees needs to hold all the internal records of processing activities that could lead to the risk of freedom or rights of the individuals.
  • If a firm has more than 250 employees, the information should be kept more precise and detailed. These records include- the name of the appointed protection officer, description of data categories need to be processed, the name and details of the firm etc.

Preparing for GDPR

If you are planning to set-up your business in Europe, it is important to comply with GDPR Regulations. So, here are a few steps you need to take while preparing for GDPR:-

  • Analyzing

To start with, first, consult a legal expert who can make you understand the regulations of data privacy and the impact on your business. They can also help you find the weak areas in your data privacy regulations.

Make sure you have guided your employees about the responsibilities that deal with the personal information like contractors, partners, and customers. It is important for your team to understand the importance of data protection and GDPR.

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  • Appointing a Compliance Officer

To prepare for GDPR, you need to appoint a compliance officer who is well familiar with the data privacy laws and know how to view constant changes. If you own a small business, then hiring a contractor is suggested as he could identify and address the issues of data protection precisely.

  • Arranging your data

Figure out which business’ information is affected by regulation rules. For instance- the citizen data of EU, financial records, HR documents, purchase order history or contracts. It helps you to design the policies, enabling you to handle the data more precisely.

How GDPR impacts your business?

Customers are the lifeline of every business and therefore, it is essential for every business to secure the user’s data. In such case, GDPR can be a real assistant, which can impact business in many ways.

From processing the user’s data to storing and securing, GDPR got you covered. Whether you own a small business or a big enterprise, GDPR can benefit the personal data of all EU citizens. Ranging from the name, address to medical records, it is essential for every firm to comply with the GDPR regulations.

To sum up

Data is one of the most valuable assets every business possess. If you are planning to introduce a venture in Europe, then the customer’s data should be at your utmost priority. While GDPR seems quite challenging to many, it also provides a plethora of opportunities too.