If you carry out business in the European Union, then you need to mark May 25th, 2018 as a key date in your diary. On this date, the EU General Data Protection Regulation (or GDPR), will come into effect and now businesses need to be prepared to reshape the way they approach data privacy.
GDPR is arguably the most important change in data privacy regulation in 20 years. It comes at a time when citizens are becoming increasingly concerned about how companies use and store data about them. The philosophy behind the new regulation is to give EU citizens control of their personal data and shifting the power back to individuals.
Despite the looming deadline, a recent Global Forensic Data Analytics Survey by EY found that only 33% of businesses had a compliance plan in place. Considering that under GDPR, organisations found to be in breach of the new regulation can be fined up to 4% of annual global turnover it’s not a topic that should be taken lightly.
To help you get to grips with GDPR, we’ve created this handy infographic that explains the regulation in plain English.