To get the attention of multinationals, the GDPR introduces significant fines. The EU is serious about a uniform data and privacy law for its market and has already changed the Web practices of major U.S. company that has identified a market in an EU country with localized web content are required to review their web operations.
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Under this regulation, U.S.-based travel, software services, hospitality and e-commerce companies will have to take a good and closer look at their online marketing practices.
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According to Forbes, 79% of US companies didn’t figure out how to tackle GDPR. This certainly requires a change of behavior for many companies. It is definitely critical to understand the regulation and what one has to do to comply. If any organization manages data that includes even one EU citizen and is not properly complying with the new GDPR, the organization can face fines up to 4% of its global revenue. In case, companies automatically process data to make assumptions about a person for marketing, they can also object to profiling. Consumers also hold the right to object about how their data is being used and that includes direct marketing. This regulation will have an impact on the collection of personal data of EU citizens with its use, and maintenance and will give individuals more control over their data.Ĭonsumers will hold the right to be informed about the collection of their information. The implications of GDPR for the US companies that collect, process or maintain the personal data of individuals located within the EU is significant and compliance is compulsory. Now, an awful lot of businesses which are particularly outside the EU have suddenly realized the extraterritorial nature of the regulations and have been assuming it is an easy “tick the box” exercise, this is a shock. With GDPR businesses need to be much clearer with the information that they receive and hold on people and give them more control over it. Non-compliance may cost companies dearly. GDPR being a regulation requires businesses to secure the personal data and privacy of EU citizens for any sort of transactions that happen within EU member states. What is GDPR (General Data Protection Regulations)? But, first, dig deep into the know-how of GDPR. With merely a few days left for it to get implemented, it is required for the US companies to put a plan in place well in time for their Outbound Marketing Practices. Ruling the headlines, this new regulation states that any company that processes, stores or uses data related to an EU citizen will be subject to citations and accompanies fines for noncompliance – even with just one customer. Coming on May 25th, 2018, EU’s General Data Protection Regulations (GDPR) is one of the greatest change in data security in last 2 decades.
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