The General Data Protection Regulation (GDPR) is a set of regulations that member states of the European Union must implement in order to protect the privacy of digital data. The regulation was passed in April 2018 and came into effect on May 25, 2018. The regulation applies to any company that processes or intends to process the data of individuals in the EU, regardless of whether the company is based inside or outside of the EU. Check the Information Commissioner's Office website for up to date information and the latest GDPR toolkits.
The regulation requires companies to obtain explicit consent from individuals before collecting, using, or storing their data. Companies must also provide individuals with a clear and concise explanation of how their data will be used. In addition, companies must allow individuals to easily revoke their consent and have the option to delete their data at any time. Finally, companies must take measures to ensure that the data they collect is accurate and up-to-date.
The GDPR has far-reaching implications for marketers. Marketing campaigns can no longer be based on generalized assumptions about consumer behavior. Rather, they must be based on specific and accurate data points about individual consumers. In addition, all marketing communications must now include a clear and concise explanation of how the recipient's data will be used. And finally, marketers must honor all requests from recipients to delete their data from marketing lists. Violations of the GDPR can result in heavy fines, so it is important for marketers to educate themselves about the regulation and ensure that their marketing practices are compliant.
What are the consequences for non-compliance?
The GDPR imposes heavy fines for companies found in violation of its provisions, with penalties ranging up to 4% of a company's global annual revenue or €20 million (whichever is greater). In addition, violators may be subject to non-financial penalties such as being banned from processing personal data or having their processing activities suspended.
How can I make sure my marketing practices are compliant?
The first step is to educate yourself about the provisions of the GDPR and how they apply to marketing activities. Secondly, assess your current marketing practices to identify any areas that need to be updated in order to comply with GDPR. Finally, put procedures in place to ensure that your marketing practices are compliant with GDPR requirements going forward.
There are strict new requirements on how businesses handle customer information - especially when it comes to requiring companies to receive explicit consent from customers before collecting, using ,and/or storing personal data. They also must provide customers with simplistic terms and easily understandable opt out options, as well as give customers access control over how their personal information is used utilized. Finally, customer complaints will lead to hefty fines and non-financial penalties if not met.