With the introduction of the European Union (EU) came a number of regulatory challenges. With several different countries operating under various laws, businesses faced many challenges when trying to expand throughout the continent. As the EU has developed, there has been a lot of work done to introduce legislation to bring these standards into harmony, making for a safer business environment for operators and consumers.
What is the General Data Protection Regulation (GDPR)?
The General Data Protection Regulation (GDPR) is a new regulation that provides rules and standards surrounding private and personal data in the EU. The Regulation was created in response to the expansion of technology throughout the world, and recognition that every person within the EU was interacting with data and technology in a new way.
The GDPR gives individuals more control over their personal data and holds businesses to higher standards to prevent data breaches, and compromise of sensitive information about clients and customers.
Every business in the EU is required to be GDPR-compliant and faces a massive fine if they are found to be in violation.
What is GDPR Compliance?
Every business operating within the EU is required to be GDPR compliant. This means the business must collect, store, and protect data in a very specific and safe way. What’s more, businesses are obligated to provide consumers with control over their data, providing safeguards to protect their rights.
Several elements make up complete compliance to GDPR. This includes secure storage of data, the partition of data so individuals are protected in the event of a breach, and number of policies and procedures that every business must adopt.
How do I ensure I am compliant with the GDPR?
Ensuring our clients are in line with the regulations in the GDPR is part of the compliance service we offer.
Ultimately, the GDPR aims to protect consumer rights and individual information, and businesses must take a few concrete steps to be sure that as technology changes, the clients they serve are protected.
GDPR can be very complicated, particularly considering how quickly technology changes, and the vulnerabilities that new technologies leave us all open to. Active Offshore can help to ensure every element of your business is complying. Our experience, expertise, and constant monitoring of the industry and emerging standards ensure we can help you prepare for emerging threats and changes.
Active Group and Optimus Group, two leading corporate governance and regulatory compliance service providers have merged to provide an enhanced and more extensive service to clients. This brings together the two most experienced corporate governance, risk management and compliance service companies in Guernsey.
Details of the new name and web site will follow but in the meantime please access either website for information.