The General Data Protection Regulation (“GDPR”), set to go into effect on May 25, 2018, is an iteration of the existing data protection law defined and enforced by the European Union (“EU”). The GDPR is a substantial overhaul of the existing data protection framework under the European Union Data Protection Directive, as the world and technology have greatly evolved over the years.
The GDPR imposes new rules on organizations that offer goods and services to people in the EU, or that collect and analyze personal data tied to EU data subjects.
Failure to comply with the GDPR can result in extremely high fines; the higher of up to 4% of global turnover or €20 Million Euro.
We are fully committed to comply with GDPR prior to its effective date, thus, for months, we have designated an internal team, which are accompanied by the company’s legal consultants and other professional and expert consultants, for the sole purpose of ensuring all required actions are taken in order to achieve GDPR compliance.
We have invested, and will continue to invest substantial efforts and resources to support the GDPR compliance process.
Following is an overview of the Process and the actions which are currently accomplished by us: