Many marketers and customer experience professionals have heard the acronym – GDPR. But what does it mean? And why are so many people talking about it?
GDPR stands for "General Data Protection Regulation," the EU's new universal standard for consumer privacy and data protection. It will go into effect on May 25, 2018 and that means it's time for any company that communicates with EU citizens to start getting ready.
Understanding GDPR begins with a very simple premise: it standardizes certain regulations across all member nations. That's a good thing given all the competing languages and rules that exist today. From there, it gets a little scarier for companies that need to comply. Central to the regulation is a high standard for consent and fines as great as 20 million euros or four percent of total worldwide annual revenue, whichever is larger.
"Wait a minute," you may be thinking, "I work for a US company with US employees and customers so this doesn't apply to me."
Are you certain that every single email address in your database belongs to a US national living outside the EU? That all of your company's vendors, partners, contractors and service providers are outside the EU? Unless you can verify complete and total non-involvement with EU citizens, GDPR will likely affect your company.
For more informative videos about GDPR, click here, or to view a full webinar on GDPR and consent capture best practices, click here.
About the Author:
Eric V. Holtzclaw is Chief Strategist of PossibleNOW. He's a researcher, writer, serial entrepreneur and challenger-of-conventional wisdom. His book with Wiley Publishing on consumer behavior - Laddering: Unlocking the Potential of Consumer Behavior - hit bookstores in the summer of 2013. Eric helps strategically guide companies with the implementation of enterprise-wide preference management solutions.