Analyst GoBuyside Looks GDPR Implications

Beginning on May 25, 2018, all European Union member states will be required to abide by the new General Data Protection Regulations. These new regulations are a complete and drastic rewriting of the current EU Data Protection Directive, which has been in effect since the 90s. The digital landscape has greatly changed since that time, with the amount of personal data available much, much more. This is why the EU thought it best to revisit and revise these regulations.

A chief analyst for GoBuyside, a global recruitment platform, analyzed the situation. The analyst said that the companies in these member states should now begin to evaluate the changes they will need to make in the face of these new regulations. In other words, they will need to completely redo their systems to make sure they only see the individual client’s data that the EU allows them to see based on the new guidelines.

These new guidelines put much emphasis on transparency and accountability. Not only will the company’s be expected to make the changes, but the EU will constantly hold them accountable. The new regulations will also be applied to some non-EU companies who do business with people or organizations in an EU state.

This another major change from the previous regulations which only required those companies within the EU to abide by it. A good many experts have appeared offering their expertise in helping companies make the switch before May. These experts will definitely help, but their expertise will not come cheap. They will assist with all of the necessary preparations, including getting the services of a data officer if it is needed (some companies won’t be required to have one). But that just one of the many things the expert will do.

Read: http://gobuysidenews.com/2018/02/01/gobuyside-explores-factors-driving-compensation-private-equity-sector/

They will also carefully train business leaders about the details of the regulations, they will help determine which information is held, they will update procedures around subject access requests, and they will inform employees the proper procedures in the event of a data breach. This is not really something that is exclusive to the EU. The U.S. is one of several countries who has implemented similar privacy laws. In cooperation with EU, the U.S. has instituted was is known as the Safe Harbor system.

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