The General Data Protection Regulation (GDPR) is an update to existing legislation that aims to strengthen and unify data protection for all individuals within the European Union (EU). It also covers the export of personal data to territories outside of the EU. Its primary aim is to give control back to the citizens and residents over their personal data, and protect them from data breaches in an increasingly data-driven world. GDPR comes into force on May 25, 2018.
Many companies already in compliance with current legislation (under the Data Protection Act) are likely to also be in compliance with GDPR in most areas. However, there are several differences and enhancements included in the GDPR that companies need to ensure they’re compliant with.
UK information commissioner Elizabeth Denham has been quoted as saying that the biggest difference refers to accountability.
“The new legislation creates an onus on companies to understand the risks that they create for others, and to mitigate those risks,” she continued. “It’s about moving away from seeing the law as a box-ticking exercise, and instead to work on a framework that can be used to build a culture of privacy that pervades an entire organization.”
The impact of GDPR is expected to be felt across the world, as it will have broad implications for companies that store data. If your company holds personal data for anyone living in Europe, GDPR will apply to your company, even if your company is not in the EU. And, while it is much needed and will be a great relief to individuals, it could present many issues for companies, beginning with fines in the tens of millions of Euros if they breach the new law. For this reason, we attempt to simplify some key points for companies with global payroll.
Contact us for more information about making sure your global payroll data is secure and that your company is ready for GDPR.
Also, Click here to see a set of GDPR guidelines recently released by The Information Commissioner’s Office in the UK. These guidelines were developed to help businesses prepare for GDPR.
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