Published on May 22, 2018 in Crowdfunding News
Thanks to the wealth of emails sent out by the various tools and services you use, you’ve likely realized that the EU recently passed a new regulation for user privacy.
If you haven’t taken the time to read any of those emails, you could be in for a surprise. Here’s everything that entrepreneurs need to know about GDPR 2018, and why you should care about it:
GDPR 2018 stands for General Data Protection Regulation and will take in effect on the 25th of May 2018. It’s a new regulation that will take place across the EU, with increased user privacy and strict, severe punishments for companies that fail to protect personal data.
Any company that sells to customers in the EU, including US and UK based companies.
The big change for companies will involve their data collection process and infrastructure. Everything from what is collected, where it is collected, how the data is used, and how it is secured is covered in GDPR 2018.
Tracking will still be allowed, but companies need to be careful that they are doing it in the correct way. You will need to get a user’s explicit consent and provide them with the ability to opt out at any time. Additionally, this consent must be asked for in simple language and exclusive from other asks (such as opting in to receiving marketing emails)
As an example, a proper email collection form should now have two checkboxes asking consent. One to opt into marketing and sales emails and the other to provide consent for the collection and usage of their data.
While you should definitely read the full document, you won’t be alone if you fell asleep during the second page! Don’t worry, we took the time to read through and there are 7 main points that GDPR emphasizes:
One of the biggest reasons companies will need to take GDPR seriously is the severe fines which would apply in the event of a breaching of these regulations. Companies that misuse data are able to be fined €20 million, or 4 percent of turnover — whichever is larger.
This fine could easily cripple a small business, and put a large hurting on even larger businesses. This means that it’s critical for you and your business to adhere to these regulations.
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