5 things you need to know about the EU General Data Protection Regulation

5 things you need to know about the EU General Data Protection Regulation

By Gayle McFarlane of Cordery

What is this all about?

The EU is in the process of reforming its existing data protection rules. These reforms have been moving slowly through the EU legislative pipeline, but on 15 December the European Commission announced that a political agreement has been reached (although we’re yet to see the final text!). Even though the expected implementation date of these rules is still two years away, we strongly recommend that businesses prepare now as the reforms go well beyond an upgrade. Many deals signed or relationships entered into involving personal data are likely to be covered by the new rules and most businesses will need to start now to be ready in time.

The top 5 things you need to know about these new regulations:

  1. Regulation should be Europe wide (although we might need to keep an eye out for some exceptions to this)
  2. Fines will be substantial – current available draft suggests up to 20m

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