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On May 25, the General Data Protection Regulation (GDPR) went into effect. It will have an immediate and ongoing impacton the collection and storage of personal information of citizens across the EU. Brands that use data to target and enhance their digital marketing efforts must now take action to ensure that they are complying with these new regulations.
The most important points to remember about the GDPR are as follows:
- People own their data, not companies.
- Data privacy is a right for all.
- All identifying data must be protected.
- Businesses must obtain consent to collect and store data. The consent must be informed and given explicitly.
- Consumers may withdraw their consent.
- Consumers may delete or modify their stored data.
- Regulatory breaches must be reported.
- Failure to comply, even accidentally, can result in fines.
If you own a company that isn’t in the EU, you aren’t in the clear. As long as you do business with consumers there, this impacts you. GDPR may also impact the B2B sector. The Data Protection Act of 1998 declared the data of sole traders and partners personal data. Nothing in the GDPR explicitly changes that.
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