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Time to Take a Close Look at Your Data Privacy

Privacy Key

 

 

 

 

 

 

The General Data Protection Regulation also known as “GDPR” adopted in April 2016 and enforceable starting on May 25, 2018, is quite possibly the most important change in data privacy regulation in 20 years. So, what is this new regulation and how does it affect us?

 

The  GDPR is a European Union (EU) regulation  addressing data protection and privacy for personal information traveling in or through the EU.   In other words, this doesn’t only apply to organizations located in the EU, but all who transmit data from or to the EU. The GDPR aims primarily to give control to citizens and residents over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU. The GDPR considers personal information to include any information about a real person, such as name, address, phone, email, websites, photos, medical information, birthdates, etc.

 

To be compliant, organizations need to provide evidence that personal data will not be shared with outside entities without the person’s consent.  Additionally, the individual must have the ability to opt-out of data sharing and be provided with free and accessible dispute resolution, from an independent recourse mechanism, should they feel their information is being shared unnecessarily and without their consent.

 

The GDPR also helps companies like XONEX provide our clients and their transferees with peace of mind that their data will remain safe in our hands.  As the concerns over privacy continue to grow, we anticipate more locations to require such assurances and remedies.  Therefore, we should be prepared to manage all data with the same scrutiny.  The GDPR compliance process is actually an excellent exercise to understand exactly what information is truly essential to assist your transferees or assignees, whether it is subject to the regulation or not.

 

The GDPR is backed up with stiff penalties for non-compliance. So, organizations committed to compliance must stay vigilant in their responsibilities.  Organizations found in breach of GDPR can be fined up to 4% of annual global turnover or €20 Million (whichever is greater).

 

As this extremely important regulation is about to come to fruition, it’s time to understand what steps should be taken.   Ask your relocation management company to provide you with an overview of the steps they are taking to ensure compliance.

 

Do you have any questions or concerns about the GDPR? If so feel free to contact your Chief Data Privacy Officer or your Relocation Management Company to determine next steps. As always XONEX is happy to review the steps we are taking to ensure compliance with you and help you understand this very important new regulation.

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MIKE CANNING
VP, Client Services

RICK CALANNI
VP of Business Development Northeast Region

 

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