Gerson Relocation, an international moving company, warns that a lack of preparation could result in major financial risks for global corporations once GDPR is introduced.
FOR IMMEDIATE RELEASE / PRURGENT
London, UK — May 2018 will see the introduction of GDPR, a set of new regulations that unleash sweeping changes with regards to how the data of European citizens is acquired and managed. Corporations using such personal information have been shouldered with strict new measures of responsibility, including:
- Increased security requirements
- New regulations surrounding transparency of usage
- Tighter forms of appropriate consent
- Higher standards of practice when sharing data
Despite the fact that knowledge of GDPR has been in the public domain since April 2016, figures suggest it has slid under the radar of many businesses. In a survey conducted by PORT.Im, it was revealed that 50% of corporations are unaware of their responsibilities under new GDPR laws. The data also revealed that while 73% of businesses collect personal data, only 27% believe the new rules will apply to them.
Ajit Basi, Head of Information Security at Gerson Relocation parent company AGM Group, warns that “many companies have not even started the preparation process, believing that GDPR will not affect them. However, this is a major oversight and enormous risk. With no control framework in place, the ability to demonstrate compliance will become very difficult.”
The new GDPR laws cover all European Union citizens, offering protection no matter where they live. Failure amongst any business to follow General Data Protection Regulations can result in fines and penalties of up to 4% of a company’s turnover, or €20 million; whichever figure is higher.
Mark Costa-Rising, Group Sales & Marketing Director of AGM Group/Gerson Relocation, spoke of the impact GDPR will have on international mobility: “Ignorance is not an excuse for non-compliance. Those operating international mobility programs need to carefully consider the impact of the GDPR. Non-EU based companies employing EU citizens must be aware that they are to comply with the rules. Likewise, corporations operating within Europe must also know that the rules apply to their employees working on an intercontinental level.
“Liability is unavoidable.” Mark continues. “Those ignoring GDPR are putting current and future global mobility projects in jeopardy. The key to avoiding problems is immediate action. Any corporation employing European Union citizens must start to shore up their data protection and privacy policies in relation to the GDPR. Those that are caught out implementing changes after the deadline open themselves up to potential regulation breaches and the consequences attached”.