The European Union changed the global face of privacy regulation with the implementation of the General Data Protection Regulation (GDPR) in May 2018. This sweeping regulation governs the privacy of personal information belonging to EU residents and applies to that information worldwide, not just within the boundaries of the EU.
Retailers around the world must re-engineer their business processes to comply with this regulation or face significant penalties, ranging up to 4 percent of worldwide revenue for a single violation. These massive fines can affect the bottom lines of even the largest companies, attracting the attention of CEOs and board members.
Retailers who haven’t started their GDPR planning should immediately work to determine how the regulation affects their operations. The best way to do this is to assess current practices and controls against GDPR requirements and then work to close any gaps identified by the assessment. Fortunately, several key solutions and services can assist with this remediation, including encryption technology and strategic consulting services.
To learn more, download our white paper "How Retailers Can Deal with the New Reality of GDPR."