The EU’s General Data Protection Regulations (GDPR) are some of the most important regulations in terms of data security. Christopher Graham, The UK Information Commissioner, stated the following at the ICO’s annual Data Protection Practitioners’ Conference in March 2016.
“The EU data protection reforms promise to be the biggest shake up for consumers’ data protection rights for three decades.”
The regulations are expected to harmonise data protection legislation across Europe, as well as increasing the shock of failing to comply. The GDPR will raise the level of fines for companies who have data breaches to heights of €20m or up to 4% of annual global turnover.
These regulations are a way off however, they have been released now and are given a 2year transition period, which means they are not becoming legally binding until latest summer 2018. This is to allow companies to adjust and prepare before these fines could blow up businesses that fail to comply.
“Now, now,” you might be saying, “What if we leave Europe?“. What will they have over British companies then?
Unfortunately we won’t be escaping that easily. Any company that engages with European customers will be forced to comply with European legislation.
So the choice is to exclude one of the most accessible markets to us today, or to abide by these regulations.
Luckily for businesses that handle card data there are some simple solutions to compliantly handling payment card and personal data. If you are worried how these regulations will affect your company then feel free to get in touch with us at Compliance3.
We are here to guide you through every step of the way to complete personal and payment card compliance.