GDPR (General Data Protection Regulation) is going into effect on May 25th, 2018 and it seems like the entire Internet is freaking out about it. If you are a small business that interacts with people that live in countries that belong to the European Union, then it applies to you. And it holds the threat of penalties of 4% of your previous year revenues or $20 million euros (whichever is greater) if you are not in compliance.
My take, for the majority of small businesses, it’s not something you need to worry about from a penalty perspective. But you should worry about keeping your customer’s data protected and GDPR may give you the reason and a good guideline how to go about doing it.
In this episode, I got into what exactly GDPR is, how it impacts your business, and what steps you should be taking to comply with it.
Topics Discussed (Time Stamped)
02:21 GDPR (General Data Protection Regulation) 04:42 The only people that can benefit from GDPR 09:40 No concept of privacy 10:41 How GDPR affects your small business 16:05 What it means to be compliant 17:09 Being transparent in your data collection 26:31 Technology products that can help you 28:28 Changing marketing policies