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Extract from article by Tim Critchley

Many US companies may not realize that they might also have to comply with this new EU data security regulation.

That’s because the GDPR applies to any business that holds data about, or which markets to individuals within the EU. So even if you are a US-based company, if you hold or process data pertaining to any EU citizens, you must comply with the GDPR.

Businesses that do not comply can face fines of up to 4 percent of their annual global revenue or €20 million (about $21.37 million) — whichever is greater — and can have class action lawsuits brought against them by EU citizens.

If your company operates outside the EU, you may be unsure exactly how the GDPR will impact your business.

The good news is that GDPR may become one of the first truly global security frameworks, standardizing and simplifying business processes.

Companies in the US know complying with the country’s patchwork of regulations and industry standards is not without its challenges. In fact, the more we explore, the more we realize that specific security standards governing the routine data operations in enterprises are few and far between.

Perhaps the closest thing to a global enterprise security requirement would be the Payment Card Industry Data Security Standard (PCI DSS).

However, PCI DSS isn’t in the same league as the GDPR because, while it does include penalties for non-compliance, it is a self-regulated industry standard and does not carry the weight of a law.

 

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