The European Union (EU) implemented new data protection rules known as the General Data Protection Regulation (GDPR) on May 25, 2018. But these new laws reach beyond EU borders and impact large corporations to small and medium-sized businesses in the US.
Though GDPR is an EU-based legislation, the guidelines impact your organization if you are handling the personal data of EU citizens--no matter where they are located. If your business processes any EU personal data, you need to get compliant.
A fine of $23 million or 4% of the global annual turnover of a business (whichever is the greater) can be imposed, with likely higher reputational damage resulting too.
GDPR is already affecting US business, and it's just the beginning. As data security and protection become top priority for the US and Global marketplace, companies need to stay up to date on the best practices, new laws and superior solutions to keep information secure. Find all your data and privacy protection solutions at Fellowes.com.
Do you want to know more about GDPR in general and what it all means? Please download our GDPR whitepaper here.