Many consumers look to see if a website is secure. They do this by checking for the HTTPS acronym at the start of web addresses or the padlock icon.
Data Protection Regulation, also known as GDPR Compliance, is data privacy protection for consumers. It goes beyond ensuring a website is safe. When you give a business or organization your personal data, you want to know they have measures in place to safeguard it.
Are you a business owner wondering what is GDPR and how it applies to you? Keep reading to learn what you need to know to become compliant.
The Significance of GDPR Compliance
Aside from being a massive piece of legislation, GDPR requirements have made a major impact on European data privacy law. It has changed how businesses receive consumer information and how consumers protect their information.
Companies, regardless of the country they are headquartered in, are subject to fines in the millions of dollars. Or they’re assessed monetary penalties up to two percent of its annual revenue.
Do GDPR Requirements Extend to the United States?
The U.S. doesn’t have general data protection regulation mirroring the European GDPR. However, U.S. companies must comply with GDPR if they do global business in countries within the European Union.
Some companies believe this is unfair or places them at a disadvantage since their businesses are housed in the U.S.
What Measures Do the US Have to Protect Consumer Privacy?
The U.S. Federal Trade Commission oversees privacy laws. However, it isn’t equivalent to the GDPR. It has similar guidance but the measures outlined in the European data privacy law is much stricter.
Here are a few examples.
Who Would Manage It?
The GDPR is its own agency. The U.S. does not have an agency that focuses solely on data privacy and compliance. Ex. We have the IRS for taxes, FEMA for natural disasters.
Consumers Aren’t Demanding It
Whether we are pre-occupied and don’t understand the significance, there isn’t a lot of interest in beefing up consumer protections. Perhaps there hasn’t been a loud enough voice among consumer advocates to raise the alarm.
Despite the number of security breaches that have occurred among U.S. companies, large and small, people aren’t as concerned as they should be. This issue may be, financial losses in most privacy data breaches are absorbed by business and not the consumer.
It’s a Complicated Issue
GDPR is a complicated issue. It would require congressional approval. Tackling this issue is equivalent to passing the Affordable Healthcare Act.
The odds of getting a congressional consensus on the issue would be almost impossible. Mainly because of the cost of implementation carries a hefty price tag most small businesses could not absorb.
Are Your Planning to Go Global?
What makes the GDPR compliance so powerful is that its goal is to provide ultimate privacy protection to every individual under its jurisdiction. European data privacy laws see to it that consumers get protected.
Learn more about providing data protection to your consumers. Click here to schedule a consultation.