For years, the internet has been the wild west of international business. Borderless by nature; technology, and the way we interact with it has been evolving too fast and unpredictably for any law regulators to keep-up, let alone implement international governance. Any attempts would likely become irrelevant in a matter of months.
But with online businesses now entering an era of maturity, and the number of high-profile global data breaches continuing to rise, (Uber, Yahoo, LinkedIn); the European Union (EU) is attempting to lay down the international law.
European consumers welcome greater control over their personal data
Introducing the General Data Protection Regulation (GDPR). It’s the first law of its kind to try and implement a global measure, and control over how businesses handle their customer data.
Ultimately, the GDPR is setting out to give EU residents greater control over how their data is used by all businesses. This applies to local businesses in the EU, but is also intended to apply to any business around the world that an EU resident interacts with.
The new legislation comes into effect on May 25th, 2018, and all international businesses should prepare to be compliant, or face a penalty.
Small businesses and the government sector among the least prepared.
SAS surveyed 340 business executives from multiple industries around the world in 2017. The results show a lack of preparation worldwide for the upcoming regulation:
The wild west is over.
From what it is, who it effects, and what happens if you don’t comply, get up to speed with our helpful infographic, and plan for a smooth ride into a new global era of data protection.