Do you have all your ducks in a row for the new privacy laws?

According to January 2018 survey by MediaPro over 50% of United State employees never heard of GDPR. This lack of understanding among the average U.S. employee could prove costly.  Fines for GDPR non-compliance could total up to 4 percent of an organization's annual global turnover or $27 million U.S. dollars, whichever is greater. The GDPR, which any organization worldwide must comply with if they handle the personal data of EU citizens, goes into effect May 25 this year.

REQUIREMENTS OF THE NEW GDPR LEGISLATION

This new laws imposes a wide range of requirements on organizations that collect or process personal data, including requirements to comply with key principles of consumer data protection and fairness.

New privacy laws across the world

Transparency, fairness, and lawfulness in the handling and use of personal data.

Businesses will need to be clear with individuals about how they are using personal data and will also need a “lawful basis” to process that data.

Limiting the processing of personal data to specified, explicit, and legitimate purposes.

Businesses will not be able to re-use or disclose personal data for purposes that are not “compatible” with the purpose for which the data was originally collected.

Minimizing the collection and storage of personal data to that which is adequate and relevant for the intended purpose.

Ensuring the accuracy of personal data and enabling it to be erased or rectified. Businesses will need to take steps to ensure that the personal data they hold is accurate and can be corrected if errors occur.

Limiting the storage of personal data.

Businesses will need to ensure that they retain personal data only for as long as necessary to achieve the purposes for which the data was collected.

Ensuring security, integrity, and confidentiality of personal data.

Businesses must take steps to keep personal data secure through technical and organizational security measures.

This new laws, such as GDPR in Europe, applies more broadly than might be apparent at first glance. Unlike privacy laws in some other jurisdictions, this laws are applicable to organizations of all sizes and all industries.

Specifically, the new laws applies to:

• processing of anyone’s personal data, if the processing is done in the context of the activities of an organization established in the EU (regardless of where the processing takes place);
• processing of personal data of individuals who reside in the EU by an organization established outside the EU, where that processing relates to the offering of goods or services to those individuals or to the monitoring of their behavior.

It means, if EU citizen visit your web site, your business needs to comply with these new laws even if your web site is located in United States. The EU is often viewed as a role model on privacy issues internationally, so we also expect to see concepts of the GDPR adopted in other parts of the world over time.

Check out the Marketplace Tech report on the various implications of the new laws.

New technologies, like secure distributed network based on Blockchain is an efficient and effective means to manage data privacy. The Omnibasis Data Privacy and Consent Management Platform uses smart contracts for storing and sharing consumer preferences, consent and permissions (PCP) on the Blockchain. The smart contract is unlocking access to personal data only as agreed with the consumer, on an ad-hoc basis, just in time to share that data and then lock it again for security and protection.  

About Omnibasis

Omnibasis is a business management solution to run your sales, marketing, commerce, and operations powered by Blockchain technology. Visit omnibasis.com to meet the operating system for your business.