Data has the power to change industries, change the nature of competition, and its sale may be a potentially lucrative revenue stream for your business. In fact, data is being hailed as being more valuable than oil 1 . However, a reminder of the importance of data privacy, data handling, and data use will come into force on May 25, 2018. On this day, the General Data Protection Regulation (“GDPR”), will apply to all European Union(“EU”) member states.
This article investigates three main questions. First, what is the GDPR. Second, which key provisions affect US companies based in the EU and lastly, what actions US companies can take to protect themselves from exposure.
What is the GDPR?
Reuben Ortega is a Co-Founder of Cloutier Ortega. Reuben represents public and private companies, entrepreneurs and investors in a variety of corporate and transaction matters. As a business consultant and general counsel, Reuben has managed all legal affairs for businesses including contracts, securities, corporate governance, and complex mergers and acquisitions. Reuben also enjoys helping with regulatory compliance, as he has been certified as an Information Privacy Professional by the International Association of Privacy Professionals.