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The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union (EU) and the European Economic Area (EEA), which came into effect on May 25, 2018.
All websites accepting customers from the European Union, whether they originate from inside the EU or are a foreign entity, must comply with the new law or face potential fines and prosecution. It also addresses the export of personal data outside the EU and EEA areas.
Violators of the GDPR may be fined up to €20 million (About $23,009,000 ) or up to 4% of the annual worldwide turnover of the preceding financial year in case of an enterprise, whichever is greater.
The law requires changes to the way data is collected, stored and used, as well as statements regarding how, why, and where any data is collected or stored.
In order for many companies to comply with the GDPR law, they must make an entire overhaul of their websites and to the way they do business.
Already many non-European companies are blocking visitors who are covered by GDPR. Google and Facebook have already been accused of violating the law (as well as many other sites worldwide) facing up to $9.3B in fines on the first day of this new privacy law
The Stanford Trade Center has already made the required changes to comply with the GDPR as outlined in our updated Privacy Statement which may be reviewed at http://www.stanfordtc.com/
Countries that fall under the GDPR Law Include:
- Republic of Cyprus
- Czech Republic
- United Kingdom
If you are interested in additional information as outlined in this article, need assistance in applying this information, or just want more resources, contact us for FREE (no obligation) and we will do our best to accommodate you.