$20 million or 4% of the company’s global revenue, whichever is larger. This is the stiff penalty for not meeting your business would have to pay if it doesn’t comply with GDPR. So how do you comply with it? That’s what ShoutOUT Connect aims to help you figure out.
The basics of GDPR
In case you’re lost, we need to rewind back to 2016. This was when the European Union passed a rule called The General Data Protection Regulation aka GDPR. As a result, the EU had set new rules for how tech companies can manage and share personal data. And this rule came into effect on May 25th, 2018. If you want a basic understanding of it, then you need to know two things.
Firstly, GDPR demands that companies receive explicit and informed consent before collecting personal data from an EU citizen. Furthermore, it also demands that users can request all the data companies have collected about them at any given time. This is to serve as a means of verifying that initial consent. Most importantly, this applies to companies based outside the EU as well.
Secondly, GDPR has stiff penalties. If a company is found to have violated the GDPR rules, then it’ll be fined $20 million or 4% of the global revenue of the company. It depends on which of the two amount is larger. This comes as a sign of how seriously the EU is taking data protection. Needless to say, a Sri Lankan startup operating in the EU wouldn’t be able to survive such penalties.
So how can you become GDPR compliant?
Ultimately, the devil lies in the details. That’s what has made GDPR a challenge for many companies both large and small across the world. The stiff penalties and the potential of the European market mean companies have to change how they operate. This ranges from how they collect data, how they store it, how they utilize it, the exact words in their user agreements, and more.
ShoutOUT Connect aims to help startups understand GDPR
To understand these details is what ShoutOUT Connect aims to help you with. The event will feature Samantha de Soysa – Attorney-at-Law/Barrister at Lincoln’s Inn covering the legal aspects of GDPR compliance. Additionally, Asanka Nissanka – VP of Technology at ShoutOUT will be covering the technical aspects that need to be considered when developing products.
ShoutOUT Connect will be taking place on the 29th of November at Hatch from 5.30 PM onwards. If you’re interested in knowing how to navigate the complex waters of GDPR, click here to register for the event.
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