The Impact of GDPR
Much like we try to emulate the European lifestyle of good food and wine, we are about to embody their data protection rules too.
Starting May 25, 2018, companies that do business in the European Union will have to follow the General Data Protection Regulations, a.k.a. GDPR.
These basically are guidelines that create data protection rules for users across Europe.
Now granted, this will just affect users overseas, but companies like Facebook (FB – Get Report) and Twitter (TWTR – Get Report) will have to comply because they have overseas users.
Basically, GDPR says that companies can will no longer collect or process the consumer data of EU citizens without identifying a legal basis for doing so and of course, obtaining consent.
In addition, parental consent will be required to process any data relating to children ages 16 and under.
Even though GDPR is not a U.S. law, it will affect companies doing business abroad. And it just may be the guidelines we need here to help level the playing field for both companies and consumers.
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