Data protection is changing; are you ready?

Jan 16, 2017 | Market Insights

Data protection in European Union will soon undergo huge changes. On 26 April 2016 the European Commission –announced the General Data Protection Regulation (the “GDPR”), which will come into force on 25 May 2018. Any company which does business in the EU or targets European customers (even if it is registered outside the EU) will have to collect, store and use all personal information in a more secure way. It is worth noting that the Regulation applies to all firms, regardless number of employees or turnover. Therefore, it involves both huge corporations and SMEs.

Each individual can request that his/her data is deleted without delay or that it is not used for direct marketing. In addition, individuals can also ask to receive their data in structured and commonly used format.

Under this regulation companies are required to keep certain specific documentation. If company makes international transfers of data, it has to ensure that there is a legitimate basis for that. Infringing the regulations can result in a fine of up to the 4% of worldwide turnover. All firms will need to employ a Data Protection Officer (a “DPO”). The main task of a DPO will be to ensure that his/her company meets all of the requirements of the regulation. A DPO can be employed directly or work under a service contract.

The GDPR had an immediate impact on the labour market: we saw increased demand for lawyers from the Financial Services and TMT sectors, and Data Privacy specialists accounted for a significant amount of that increase.

An upcoming report written by Vacancysoft in partnership with Laurens Simons will provide more insight on how the regulation will affect the job market and the general situation with regard to employment in the legal sector. If you would like to receive that report, please sign up for the Vacancysoft newsletter.

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Author: Elli Vitchynova
Marketing Executive

 

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