Starting tomorrow, 25 May 2018, the General Data Protection Regulation (GDPR) will be forced throughout the EU.
Here is what you need to know about this new regulation:
What is the GDPR?
GDPR will strengthen your integrity in processing of the citizens personal data by introducing much tougher rules on data privacy.
As a member, what should be expected?
A substantial number of DTCC members may be subject to the new laws and failure to comply can have financial consequences.
What about companies outside Europe?
Companies may not have any direct relationship with Europe and still be subject to the new laws — for example if they support businesses that have customers inside the EU. Companies may not have any direct relationship with Europe and still be subject to the new laws — for example if they support businesses that have customers inside the EU. A call center handling customer services for companies that sell products in Europe or a website tracking browsing histories will be impacted.
The cost of complying with the regulation is huge. The International Association of Privacy Professionals and EY estimated that Fortune Global 500 companies spent roughly 7.8 billion USD to prepare for the new rules.
Are you an End User? What does this new regulation mean for you?
Deal with those emails flooding your inbox. Many companies will have reached out to customers by Friday, asking for consent to keep your personal details.
Scores of firms, including Google (GOOGL), Facebook (FB) and Twitter (TWTR), have also changed their privacy settings in recent weeks in preparation for the new rules. WhatsApp has changed its minimum user age in Europe to 16 from 13.
You will need to agree to the new policies and confirm your age to continue using many services. Children under 16 will need parental consent in most European countries.
For more information, click on the links provided by Baker McKenzie: