Protecting our clients’ information is a priority at DGC. We monitor upcoming regulations, and are complying with new General Data Protection Regulation (GDPR) guidelines, as many of you are too. Below are some important compliance guidelines that we want you to be aware of.
According to the International Trade Administration, “The GDPR is broad in scope and applies to all companies who collect, process, and/or store the personal data of European citizens regardless of whether or not a company has a physical presence in Europe or directly provides goods or services to European customers.” The new guidelines are intended to increase personal security and go into effect on May 25th, 2018. This is the first time since 1995 that the EU is changing these guidelines. The penalties for non-compliance can be significant. Companies could be fined up to $22.9 million dollars, or 4% of their annual global revenue for the previous year.
The following is a summary of some of the new requirements for companies: