On May 25, 2018, the General Data Protection Regulation (GDPR) is fully enforceable across the European Union (EU), creating a higher standard for data protection, privacy, and security for the processing of personal data from the EU. The GDPR applies to the processing of personal data regardless of where that takes place in the world, and impacts any company that handles personal data of EU citizens and others within the EU.
At TipTop Group, GDPR readiness has required companywide changes and updates to policies as well as some product-related changes. The TipTop Group GDPR compliance program has taken over 12 months to audit, build, implement and test. TipTop Group has completed key assessments and updates to satisfy the GDPR requirements and all initiatives have been executed with the goal of providing transparency to data subjects regarding the care with which their personal data is treated.
What is GDPR?
The General Data Protection Regulation (GDPR) sets forth the rights of citizens of the European Union with respect to how their personal data is used, processed, and shared. The regulation outlines several important rights for individuals, including the right to access their personal information, ask for corrections, and request that an organization delete their information or cease sharing that information, to name just a few.
Meant to update existing EU privacy laws, GDPR extends regulatory requirements from any organization located in the EU to those who store or process the personal data of EU citizens. On May 25, 2018, organizations around the globe—from sole proprietors to small businesses to sprawling multinational corporations—will have to comply with the GDPR rules or face the threat of potentially heavy fines (up to 4% of the company’s worldwide turnover or 20 million Euros, whichever is higher).
While we cannot provide legal advice—and highly recommend you speak with a legal expert for any clarification on the laws as they’re complex and contain exceptions to the rules—we’re committed to providing you with excellent, usable resources to help you prepare for GDPR .