GDPR QUICK GUIDE
Don't get left behind!
The forthcoming introduction of the new EU Regulation concergning personal data protection means new rules that companies need to comply with. Lack of compliance may mean a fine, which is an expensive mistake that can be avoided if you follow our guide.
The EU’s General Data Protection Regulation (GDPR) entered into force on 25 May 2016 and will bring about a number of novelties in the field of data protection. Enforcement of the GDPR will take place as from 25 May 2018 and, thus, companies qualifying as data controllers or data processors falling under the scope of the GDPR are required to bring their data protection practices in line with the provisions of the new law by 25 May 2018.
Even though, there is still a lot of time until then, we believe that the sooner the companies start to get acquainted with the new rules, the better and more effectively they can accommodate to the new regime since getting prepared certainly takes time. As the amount of fine under the GDPR may even reach EUR 20 million and 4% of the total worldwide annual turnover of the preceding financial year (whichever is higher) of the relevant undertaking, we think there is a good reason to believe that companies will tend to be very much willing to consider the provisions of the GDPR and pay even more attention to data protection rules.