{"id":868,"date":"2020-02-20T10:00:27","date_gmt":"2020-02-20T10:00:27","guid":{"rendered":"https:\/\/www.edwarddrummond.com\/?p=868"},"modified":"2022-09-21T10:48:18","modified_gmt":"2022-09-21T10:48:18","slug":"gdpr-c-suite-executives-need-know-gdpr","status":"publish","type":"post","link":"https:\/\/www.edwarddrummond.com\/gdpr-c-suite-executives-need-know-gdpr\/","title":{"rendered":"What do executives need to know about GDPR?"},"content":{"rendered":"

Here at Edward Drummond<\/a>, we work closely with top-level executives and clients who are looking to ensure growth and prosperity in the marketplace. We thought we would highlight some key factors regarding GDPR that every executive and board member should know about this new regulation to make sure they are up to speed with how their business needs to adapt.<\/p>\n

Although GDPR isn\u2019t something that businesses are going to associate with revenue generation or maximising shareholder returns, it does signify a shift in the relationship between businesses and customers. As a result, it\u2019s something worth fully understanding and something that may be the first of many changes and regulations put in place to shadow rapid advances and uses of digital technology.<\/p>\n

To check you are GDPR compliant, you may need to seek accredited advice from a specialist firm.<\/p>\n

What is GDPR?<\/h1>\n

GDPR (General Data Protection Regulation) is focused on protecting the privacy of EU citizens. The regulation aims to ensure businesses instil processes and procedures that don\u2019t risk the exploitation of personal information. It will come into effect on 25th May 2018 and replaces the Data Protection Act 1998. The government has confirmed that the UK\u2019s decision to leave the EU will not affect the commencement of the GDPR. Potential fines for not complying with the regulation can be 4% of total global revenue or \u20ac20 million, whichever is higher.<\/p>\n

The aim of GDPR is to empower EU citizens and give them greater control over how businesses store, use and manage their personal data. It should also make it simpler and clearer for compliance across the single market.<\/p>\n

GDPR can be a catalyst to creating more transparent and visible business operations. Businesses that either don\u2019t fully understand how they are processing data, or businesses that know they are mishandling data, will be forced to change. This is a huge benefit for everyone as it encourages businesses who value and respect their customer\u2019s data to thrive, while businesses that are less transparent and unclear about the handling of customer data are vulnerable to new fines and clamp downs.<\/p>\n

If there is any part of your business that handles any form of personal information, then it should be simple and clear to explain. Any confusion or complications around this type of data is a sign that a business isn\u2019t prepared to be GDPR compliant.<\/p>\n

What counts as personal data?<\/h1>\n

With regard to what constitutes as personal data, any business processing the following should look to meet GDPR standards:<\/p>\n