The date for the launch of the GDPR is set!
More and more data about each one of us is captured, processed and stored. With the introduction of the European General Data Protection Regulation (GDPR), the legislator adapts the data protection law within the EU. Act today and get informed now. Those who start too late to align their processes with the new data protection law will face serious difficulties. Unfortunately, the progress of preparing for the launch of the GDPR is a lengthy procedure. Don’t get taken in by wrong information on the internet. In this article, we will reveal the five most common misconceptions!
1. “There will be a transition period to implement the GDPR.”
The transition period already started in May 2016. Up to May 2018, all regulations have to be applied comprehensively. There is no reason to believe that there will be an extension of the transition period. The date is set!
2. “The new data protection regulation only affects large companies.”
Some small companies think that the new law does not concern them. Attention! The EU-GDPR is, just with a few exceptions, independent of the size of a company. No company is too small to be punished for violation of the new regulations. Minor infringements implicate fines up to €10 million or 2% of the annual turnover. Severe violations implicate fines up to €20 million or 4% of the annual turnover.
Thomas Ströbele, Data protection expert and CEO of YourIT
3. “The EU-GDPR concerns only companies with headquarters in the EU.”
The regulations are valid for all companies that process personal data of EU citizens. This leads to the conclusion that it does not matter where a company is based. As soon as customer or employee data of EU citizens is collected or saved, the GDPR applies!
4. “The German data protection is already strict. There won’t be a lot of change due to the GDPR.”
It is true that Germany already takes the toughest stance towards data protection. The GDPR standardizes data protection laws within the EU. This means that some regulations are nonetheless entirely new.
5. “The regulation only applies to data collected from 25/05/18.”
The GDPR applies to all old and new data. The challenge is that already collected data is often not saved in a uniformed place. The effort to update the already existing data can significantly reduce penalties in a legal dispute.