As the new General Data Protection Regulations (GDPR) go into effect today, companies are scrambling to either comply or deny service to subscribers in the European Union (EU). There is a lot of ambiguity in the GDPR and many subject to interpretation that I’m sure will be a boon for the legal industry.
There are two things you need to be aware of with GDPR:
- Companies violating the regulation are subject to a penalty of up to 20 million euros or 4% of their global revenue (turnover), whichever is higher. (Article 83)
- GDPR is not limited to companies with their headquarters in EU, but to all companies that are holding data from EU citizen. (Article 3)
If you're a U.S. company doing business with folks or companies in the EU, this includes you.