Author

Doris Myles

Browsing

Summary

Banks and businesses were all rushing to comply with the EU General Data Protection Regulation (GDPR), which came into effect on 25 May 2018. While data protection regulation is not a new concept in the EU, the GDPR significantly expands the rules on using personal data and increases the risks of processing personal data compared to existing legislation. Even deal parties with little or no footprint in the EU may be affected. Failing to comply with the new rules can have serious reputational and financial consequences for a business, including fines for data breaches of up to the maximum of either Euro 20 million or 4% of global turnover.