£20,000,000 penalty for violating Europe's new Data Privacy Law
All eyes were focused on the EU these past couple of weeks when the Union enforced the General Data Protection Regulation (GDPR) on May 25, 2018.
Fines amounting to £20,000,000, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher, will be imposed on companies that would be proven to infringe on multiple provisions of the GDPR. It is of utter importance to take heed that these are the maximum figures. Authorities in charge will have the right to impose lower amounts or, for minor cases, issue warnings and reprimands as a precaution. Given the substantial amount of penalty, an organization that do business with anyone in the EU should not take this lightly.
So what is GDPR and why is there a hefty fine to pay when violated?
One must first know how it came to be in the first place.
The regulation was adopted by the European Parliament way back in April 2016. A 2-year transition period has been allotted following the adoption which explains why it was only enforced this May.
GDPR primarily focuses on personal data privacy, of all EU citizens which are referred to in the law as, data subjects. This will fundamentally change the 'playing rules' for any company that deals with EU data subjects. Commonly used web data gathering techniques such as pixel tracking and cookie retrieval must all be within the consent of the site's visitor. Failure to do so will be met with sanctions and penalties from the Union.
Most of Digital Studio's Ecommerce sites have already updated their privacy policy in lieu of this law. Online marketplace such as:
Digital Studio, the company behind LiveCommerce, is one with the GDPR and the EU on this historical leap forward in the data privacy field in the industry. LiveCommerce was first developed 10 years ago, with the mission to 'bring the Japanese items to the World' and will continue to do so in the coming years with its customers' personal data privacy serving as its most significant concern. The company has been fully committed right from the start in securing the data being shared with it by its clients and partners.
We fully support this law with the aim that it will continue to usher the world into a more secure, reliable and trustworthy internet for all that will allow sharing of ideas, exchanging of deals and promotion of common welfare.
Contact us through our website if your organization is interested in becoming our partner to showcase the Japanese culture and items to the world.
Reference:
https://www.eugdpr.org/gdpr-timeline.html
https://www.gdpr.associates/what-is-gdpr/understanding-gdpr-fines/
https://www.gdpreu.org/compliance/fines-and-penalties/
https://www.gide.com/sites/default/files/2017_09_27_gide_dataprotectionconference_paris.pdf
Fines amounting to £20,000,000, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher, will be imposed on companies that would be proven to infringe on multiple provisions of the GDPR. It is of utter importance to take heed that these are the maximum figures. Authorities in charge will have the right to impose lower amounts or, for minor cases, issue warnings and reprimands as a precaution. Given the substantial amount of penalty, an organization that do business with anyone in the EU should not take this lightly.
So what is GDPR and why is there a hefty fine to pay when violated?
One must first know how it came to be in the first place.
The regulation was adopted by the European Parliament way back in April 2016. A 2-year transition period has been allotted following the adoption which explains why it was only enforced this May.
GDPR primarily focuses on personal data privacy, of all EU citizens which are referred to in the law as, data subjects. This will fundamentally change the 'playing rules' for any company that deals with EU data subjects. Commonly used web data gathering techniques such as pixel tracking and cookie retrieval must all be within the consent of the site's visitor. Failure to do so will be met with sanctions and penalties from the Union.
Most of Digital Studio's Ecommerce sites have already updated their privacy policy in lieu of this law. Online marketplace such as:
Digital Studio, the company behind LiveCommerce, is one with the GDPR and the EU on this historical leap forward in the data privacy field in the industry. LiveCommerce was first developed 10 years ago, with the mission to 'bring the Japanese items to the World' and will continue to do so in the coming years with its customers' personal data privacy serving as its most significant concern. The company has been fully committed right from the start in securing the data being shared with it by its clients and partners.
We fully support this law with the aim that it will continue to usher the world into a more secure, reliable and trustworthy internet for all that will allow sharing of ideas, exchanging of deals and promotion of common welfare.
Contact us through our website if your organization is interested in becoming our partner to showcase the Japanese culture and items to the world.
Reference:
https://www.eugdpr.org/gdpr-timeline.html
https://www.gdpr.associates/what-is-gdpr/understanding-gdpr-fines/
https://www.gdpreu.org/compliance/fines-and-penalties/
https://www.gide.com/sites/default/files/2017_09_27_gide_dataprotectionconference_paris.pdf
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