LegaLogic Advisory on the GDPR
The GDPR (The Global Data Protection Regulation) will come into effect from May 25, 2018.
In case you are working with any EU client, or providing any solution in the EU and are in possession of or likely to receive any information which is personal in nature i.e. name, phone numbers, email ids, or any other data such as financial, health etc of any EU residents, then chances are, that the GDPR applies to you.
It would not matter whether or not you are based in EU. The GDPR and various regulators would have an extra-territorial jurisdiction to seek an action against anyone who falls within the preview of the GDPR.
The cost of non-compliance is very high. Non-compliance could result into fines of up to 4% of annual global turnover or €20 Million (whichever is higher). No wonder the business community (across industries) is abuzz with concerns about the GDPR.
Apart from these stiff penalties, non-compliance could expose non-EU service provider to
– an undesired negative publicity,
– losing its a competitive advantage in the market (if your competition is already GDPR compliant), and
– loss of existing or potential business within the EU.
While GDPR is a complex and very exhaustive regulation, there are some practical measures that can be taken to ensure due compliance.
LegaLogic has been engaged with various partners within the EU to provide our clients with the necessary support on the GDPR. To learn more about the GDPR and its requirements, please feel free to contact us.