EU General Data Protection Regulation – 2 year period of adjustment starts now
The new EU General Data Protection Regulation was passed two months ago and came into force yesterday. On the 25th of May 2018 – exactly in two years – all changes in data protection have to be implemented in companies that deal with data of European citizens.
Whatever effort and time you invest in data protection now, will pay off in two years. The penalties for not complying with the new regulations increased dramatically. Your company may face penalties of up to 20 million €, or 4% of the yearly global turnover. However, the penalties are calculated according to the intensity of your preparations. What you invest in privacy protection before the deadline in 2018 may pay off in the worst case scenario.
To avoid such penalties altogether you should start implementing the following steps soon:
- Data protection audit: Find and evaluate all of the personal, sensitive data in your company and analyze the protection mechanisms you already have in place. Figure out what additional measures you have to take to protect sensitive personal data.
- Get help: German privacy specialists predicted a rise in costs for data privacy. Set up a long term calculation and get help from security specialists in the two year adjustment phase. Analyze your risks and be prepared.
The Boxcryptor team will keep you up to date with everything concerning the GDPR, to ensure a smooth transition to the new regulations.