The General Data Protection Regulation (GDPR) is likely to impact smaller companies as a recent study shows that 82%1 of SMEs are unaware of the new legislation and will potentially be hit with large fines when it starts being enforced next year.
The GDPR will replace all the existing data protection laws across Europe and shape the way in which companies handle, protect and profit from data. All businesses and not-for-profit organizations that process personal data concerning employees, customers or prospects who are in the EU and/or are EU citizens fall within its scope, wherever in the world the company is based and even if the data is processed outside the EU.
In other words, European data protection law will now apply worldwide, and businesses have until 25 May 2018 to prepare. IT Consultants from Sungard Availability Services (Sungard AS) can help you make a smooth transition into GDPR compliance. With Sungard AS at your side, you can reduce potential risks with a comprehensive GDPR approach and avoid fines, which can equal as much as 2-4 percent of your global revenue.
So what exactly is the GDPR?
Through the GDPR, the EU recognises:
- The right to private life as a universal human right and
- The right to have one’s personal data safeguarded as a distinct, standalone universal human right.