In my first blog post, I briefly discussed the European Union’s (EU) General Data Protection Regulation (GDPR). We’ll take a closer look at the GDPR now. Specifically, what impact can the GDPR have on U.S. businesses?
The GDPR is broad enough to impact even small U.S. businesses that have customers in, or market their products or services to, EU residents. Violation of the GDPR carries with it hefty fines which are intended to be “effective, proportionate and dissuasive.” (Article 83). The EU is serious about enforcing the GDPR! It’s important for U.S. business owners to learn about the GDPR and become aware of the risks for failing to comply with the GDPR.
The GDPR embodies the philosophy of data stewardship. Businesses are caretakers of other people’s data and have an obligation to handle the data responsibly. U.S. businesses that embrace the data stewardship philosophy, going beyond doing the minimum to comply with the GDPR, have the opportunity to turn their GDPR efforts into a market place differentiator that matters to consumers.