The GDPR entered into force on 25 May 2018. It applies directly to all entrepreneurs who process personal data within the European Union.
Every entrepreneur is obliged to ensure ongoing compliance with the GDPR. Compliance is a continuous process, not a one-off assessment.
The GDPR requires companies to implement a strategy based on their data processing risk assessment. It also requires existing company documentation and procedures to be updated. The required measures depend on the nature, scope, context and purposes of the data processing and the risk of infringing data subjects’ rights and freedoms.
The GDPR’s accountability principle means that entrepreneurs must demonstrating their compliance with its rules.
The significant fines stipulated in the GDPR mean that personal data should be a key area of your company’s focus. Fines can be imposed of up to 20 million euros or 4% of the company’s annual worldwide turnover.
The GDPR facilitates companies’ operations in many markets if entrepreneurs meet certain requirements.