07 Aug Does the EU General Data Protection Regulations affect your Business?
You will have received a lot of emails from various service providers including Google (Mail), Facebook, Paypal or Amazon prompting you or informing you about updated privacy policies.
That’s because the EU General Data Regulations (GDPR) have taken effect and is changing the way personal data is handled.
Did you read the emails, thinking, only European businesses were impacted by this wave of change?
Did you think you don’t have to worry about it?
Well, you do!
If you are a Nigerian business, trading online or to the global market, your activities potentially expose you to collecting personal information of EU citizens. So you will need to consider the GDPR and its requirements.
Any Nigerian business holding or processing personal information of customers (or any other persons) located in the European Union must comply with the GDPR.
The GDPR requires that you must seek the consent of anyone whose details you collect, clearly specify the purpose for collecting those details, and state how you intend to use those details.
Any business, in any country, that fails to comply with the GDPR while holding these personal records, could face a €20 million fine or have 4% of their global yearly turnover levied.
What do you need to do?
#TALKTOUS: Do you have a pressing challenge you need to solve regarding your business? Do you think we can help? Book a strategy session to talk to one of our experts