Guide to GDPR Compliance for US Companies
General Data Protection Regulations (GDPR) are very important for those U.S organizations that who control or process the personal data of EU residents. GDPR is a new law in EU that came into effect on May 25, 2018. According to this law each company or organization which is located in EU or outside EU and have access to personal data of European Union residents must comply with GDPR. The law also gives individuals more control over their personal data. A data subject within the legislation could also be a US citizen living or traveling to the EU.
Does GDPR Apply to US Companies?
Yes, US companies need to comply with GDPR if they are processing or a controller of personal data of EU residents. It is important for U.S companies to comply with GDPR if they control or process the personal data of European Union residents and it does not matter if the company is based outside EU.
GDPR Compliance for US Companies
U.S companies should comply with GDPR or they will be fined with heavy penalties. No U.S company can ignore this important EU regulation.
Below we have listed few important tasks that need to be considered by U.S to be GDPR compliant:
Audit Your Data
For every US company it is very important to audit their data in order to know if they comply with GDPR or not. Audit will help you know what important data your organization process and if the data belongs to EU residents then your organization have to comply with GDPR. If you need more information about GDPR data protection then you have go through the Article 23 of GDPR.
GDPR Penalties and Fines
GDPR have set high penalties and fines for those US companies that do not comply with the regulation. Heavy fines and penalties are perhaps the aspects which have most US corporate leaders sitting up and paying close attention. Companies that do not comply with GDPR have to pay €20 million or 4% of the company’s annual turnover, whichever is higher.
Data Breach Notification
It is important for companies to report the event of data breach within 72 hours of becoming aware of the event. They must report the data breach to the appropriate data protection authority
Prepare for Data Breaches According to the rules set by GDPR and supervisory authorities it is important for organizations to review and update the data breach incident. Company can use their internal processes to detect, report, and investigate data breaches. It is important for them to report the data breach to the appropriate data protection authority within 72 hours.