GDPR Fines And Penalties: Protect Your Business

GDPR imposes a large amount fine of 20 million Euros or 4 percent of annual global turnover for non- compliance, whichever is highest. GDPR is an important data privacy policy that affects every business worldwide for all individuals within the European Union (EU) and companies that have distribution or clientele in Europe must follow the GDPR mandate. This regulates helps companies and business for better protection of consumer privacy and to ensure better handling of all customer information.

Personal data or information from a person in Europe, are subject to more security and protection policies. Each and every company or business must provide access to the privacy policies of a company to the customers. The companies which don’t have a current customer base and if any employees that work in the EU can be affected by Gdpr.

Many companies such as Google (GOOGLE), Facebook (FB) and other big tech companies are affected by the changes. It is difficult to comply these large companies as they are handling a huge amount of data. It is really important to make your company and business to comply with GDPR to avoid heavy penalties.

Types of business under GDPR regulations:

• 1. Cloud service providers

• 2. Insurance companies

• 3. Telecommunication companies

• 4. E-gaming sites

• 5. Apps or websites that use cookies or other means of tracking behavior

• 6. Websites accepting payment in Euros or targeted at residents of a particular EU country or countries.

• 7. Use of an IOM company by a non-EU company to offer its goods and services to EU residents.

Effective methods to avoid GDPR Fines

1. Make sure all data is organised.
2. Make sure all personal data is securely stored.
3. Have a documented policy on data processing.
4. Delete data that you don't need.
5. Have a process in place for data deletion.
6. Change all marketing Opt in to active consent.
7. Implement double Opt in for all mailing lists.

There are many criteria to determine the amount of the fine for a non-compliant company or business:

Nature of Contravention: Many business and companies are affected, damaged during contravention, and purpose of processing

Mitigation: During the migration of data

Preventative measures: Is the company take any preventive measures towards GDPR compliance before.

History: Past administrative corrective actions under the GDPR, from warnings to bans on processing and fines.

Data type: what types of data is been processed.

Notification: whether the Contravention was reported to the supervisory authority by the company itself or a third party

Certification: whether the firm had qualified under approved certifications.

Other: Other factors include the financial impact on the firm from the contravention

So it is always better to take a certified course in GDPR from an affiliated company to avoid heavy penalties due to non- compliance.

Gdpr will be affecting all organizations that do business within and outside EU, handling EU information. Under Gdpr, companies are moving away from the legacy systems towards a company-wide approach to the protection of personal data.