You’ve got ten days left! Is your company GDPR compliant? GDP-whaaa? An acronym for the General Data Protection Regulation, failure to comply with the new online privacy law has the power to traumatize your bottom line.
May 25th: GDPR Deadline
The GDPR goes into effect in just under a month, on May 25th, 2018. Though an EU regulation, commercial websites in the U.S. may fall under its purview. What’s the compliance test? Basically, if you collect any personal information from any EU citizen or resident, you need to be GDPR compliant.
GDPR: Non-Compliance Penalties
The penalties for non-compliance are steep; fines can skyrocket to €10 million or 2% of your annual worldwide revenues.
The New Online Privacy Law Parameters
The new rules require clear and conspicuous privacy policies and affirmative consent. It also includes provisions limiting what you can and cannot do with users’ data.
Updating Your Website’s Terms of Service is a Must
Is your inbox awash in service update notifications? That’s because U.S. companies are scrambling to comply with the GDPR. According to Forrester Research, only 30% of U.S. companies feel ready for GDPR implementation. (https://martechtoday.com/forrester-report-third-companies-say-theyre-ready-gdpr-may-not-211312)
Under the old standards, businesses could bury undesirable data collection principles in the terminology weeds. But under the new statute, you must shed sunlight on those buried provisions and disclose additional information about your data collection practices.
Will you be ready for GDPR by May 25, 2018?
Remember: just because you’re based in the United States or Canada doesn’t mean you’re off the regulatory hook. If European users access and interact with your site, there’s a better than average chance you’re beholden to the new GDPR online privacy and digital data collection rules. Get in touch today to find out. The consultation is on us.