Now that Britain has voted to leave the European Union, a cloud of questions has risen inquiring about issues ranging from the economy to culture. Since new laws and regulations have been passed for the European Union (EU), many are left confused as to what rules apply to them and which ones do not. An important regulation that cannot be forgotten is the upcoming General Data Protection Regulations (GDPR).
The GDPR begins enforcement in 2018, leaving Britain a brief window of time for a smooth transition. A common misconception is that if the company is not located within the EU, it is not required to adhere to the GDPR. However, what determines compliance to the GDPR is not only where the company is located, but who the data belongs to. If the data that the company handles belongs to individuals in the European Union, then they must follow GDPR protocol.
Be aware that if a company neglects to follow GDPR where required, there can be serious consequences, a very important one being financial. If any company is, in fact, infringing upon the GDPR, they cannot use their data in any large data initiatives that take place after 2018. Consequently, this renders the company responsible for fines that can total up to 4% of its global turnover.
Many cultural and economic aspects are being reflected upon and restructured accordingly with Britain's decision to leave. However, with regard to the GDPR, the rules stay relatively the same. Any country that handles data from the EU is required to adhere to GDPR procedures; Britain simply needs to follow those same rules as other countries do. Keeping this in mind, companies can now begin to take steps forward to move on from Brexit and have a successful business in the face of change.