GDPR For Risk Managers – The Basics

April 26, 2018

By Jessica Slater and Chris Keegan

The General Data Protection Regulation (GDPR), effective May 25, 2018, necessitates that any companies collecting, storing, or processing data of European Union residents comply with the new regulations intended to ensure the privacy and protection of data. Data privacy and protection requirements are changing rapidly. Compliance with regulations is critical to not only avoid fines or penalties, but to also handle the changing regulatory landscape and to better protect customer data. Noncompliance with GDPR core principles can result in fines and penalties up to 20M Euros or four percent of global revenue; it can also lead to customer dissatisfaction and company reputation harm.