GDPR represents a sweeping change in global consumer privacy, governing the use of personal data for over 500 million EU residents. US companies who market to customers or prospects in Europe will now face strict regulations surrounding the use and storage of consumer data. Fines for non-compliance can reach up to 20 million Euros or 4% of your company’s annual turnover, whichever is larger.
GDPR compliance involves numerous factors including obtaining affirmative consent for use of an individual’s personal data, keeping track of individual consent, and processes and personnel to protect the integrity of consumer data. It gives consumers the right to obtain copies of their information, determine how this information is being used, and if they wish, have their data permanently erased. Above all, GDPR Article 5 ushers in new standards for data quality, stipulating that information should be accurate, up-to-date, and corrected without delay.