The internet has an ever-growing impact and influence on its netizens. We research, shop, work, play, date, chat, and basically live online. We breathe in the data flow, leaving digital footprints everywhere. Now finally, we have a GDPR Regulations law that is designed to protect our personal data. And thankfully, it’s already being applied across the European Union and the world.
Ever wondered why these GDPR regulations (General Data Protection Regulation) emails started filling your inbox last month? It’s because, on May 25th, the European Union publicized an important change in its data privacy regulation. It is a change that we are excited about – one that will bring great benefits and huge opportunity after you make sure your online business is GDPR compliant.
This General Data Protection law is built to restrict personal data usage – how it is collected and handled. The GDPR is focused on ensuring all internet users understand and consent to how their data collected. This law will prioritize data security, data control, privacy rights, and governance.
Regardless of where a business is based, this new law will apply to any who offer products or services to consumers in Europe. So if your eCommerce store is available in Europe, then you must comply with the new regulations. All 28 EU member states have to comply with one standard, which pretty much sets the bar high and wide, forcing most global companies to invest in becoming compliant.
Failure to Comply to GDPR Regulations Terms
Failure to comply with these new guidelines will result in a fine… but not just any fine. A financial penalty may seem harder on small companies but… there’s a sliding scale. The imposed penalties can go as high as 4% of a business’ revenue. Imagine, a large company could be fined hundreds of millions of euros for a single breach.
Ultimately, digital data tells a lot about you. It gives marketing companies a good idea of what’s important to you and what you don’t like. And this… is what GDPR regulations hope to give you more control over. They want to require consent for:
- Personal data to be shared
- Access to the data
- Right to be forgotten
- Right to portability
- Right to rectification
Personal VS Sensitive Data
In GDPR, Personal and Sensitive data is classified differently.
Personal information is anything that directly identifies a person’s name, address, phone numbers, email, cookie IDs, or even IP addresses. It also includes pseudonymous data, or non-direct identifying info, that allows a user to be singled out (for something like targeted ads) based on personal behavior.
Sensitive data is any data that digs deeper to reveal things like religion, genetics, health, political views, loyalties or memberships, sexual orientation, abilities, and more. The United States is currently experiencing the first-hand effects on what unmanaged access to this information (political, in their case) can have on an entire country and the rest of the world.
These GDPR regulations may sound stricter on companies, and they are! They give the user more rights, such as the right to withdraw consent and the right to be forgotten. In the end, however, all online business owners should be excited to see the new changes implemented. A better, secure web and controlled personal information are beneficial to all of us.
Data is the world’s new currency. These changes may create challenges but if managed properly, they will mostly build opportunity.
New GDPR regulations are now in effect, are you compliant? Please share your stories about it with us in the comments below!
With a business degree in Business Administration in her holster, Mary set forth to study, learn and become an expert in everything eCommerce. Outside of catching up on the latest business trends, Mary enjoys spending her time going to the beach, hanging out with friends and catching a good soccer gamer every now and again.