Is Your Small Business Prepared for the EU’s GDPR?
April 27, 2018
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If you’ve been near a television this month, you’ve likely seen Mark Zuckerberg in court, defending Facebook after its data dealings with Cambridge Analytica.
Personal privacy and data security are a top priority around the world.
Corporations want consumer information so they can push people to buy more,, and governments need it so they can persuade citizens to vote in their favor.
On May 25th, the EU’s General Data Protection Regulation (GDPR), addressing the export of personal information from citizens living in Europe, will be enforceable.
Essentially, the GDPR helps people regain complete control over their personal information.
This will impact big corporations more than any, as they live off of data collection.
However, small businesses will also be affected, even those that aren’t based in Europe.
Less and less small businesses are staying at home. It’s likely that you, or a small business owner that you know, has expanded overseas.
Here’s how you can tell if your small business is following the EU’s new GDPR.
Most small business owners don’t have an entire legal department at their disposal. At best, they have a family friend that attended law school.
Make sure that all of your contracts, whether they be employee or outsourcing, are up to code.
The best way to prepare for GDPR is to check yourself. Make sure that all of your contracts, whether they be employee or outsourcing, are up to code.
It’s much harder to stop a running train than it is a stationary one, and the same principle applies for when you’re trying to change business operations that have likely become rather automated over time.
Slow it down and make sure everything is in order before you reignite your business operations.
Knowing which chocolate bar someone likes doesn’t have to be a carnal sin
Understanding consumer behavior is an important part of doing business in today’s world.
When somebody walks into a convenience store to find their favorite candy already waiting for them at the cash, they’ll likely respond to the smiling cashier in one of two ways — with suspicion or with appreciation.
Small business leaders have to walk that line between being convenient, and being conniving.
A simple way to do this is by ensuring your products and data collection follow the two main laws of the GDPR — the right of access and the right to erasure.
Consumers should be able to see what others have collected on them, and should be able to choose whether or not they want that data to be erased.
Failing to abide to the GDPR could land small businesses in some hot water.
It’s largely technology that has brought us to this point, where personal data and sensitive information are valued so highly.
Knowing someone’s information could unlock their wallet, identity or front door.
With the GDPR, you’re liable for the valuable assets that you’re holding
Luckily, technology has also given us the weapons that we need to fight back.
Keeping consumer data secure should become an even greater priority for your small business. With the GDPR, you’re liable for the valuable assets that you’re holding.
Ensure that your data is safe by using the latest security measures. Have your privacy settings at the highest level, and only release personal information once it’s necessary.
Have it under lock and key, as you would a priceless artifact. Seriously.
Once someone’s bank details are compromised, it’s only a matter of time before the rest of their information is vulnerable.
That’s why small businesses should use Veem, a modern payments platform built for today’s businesses.
Small businesses leaders should spend their time increasing profits, not needlessly watching over the money that they have.
You need 7 tools to master international trade. Find out what they are.
Join Veem today for payments that can keep small businesses growing.