FinTech

What Advisors Need to Know About the General Data Protection Regulations (GDPR)

Published

May 16, 2018

What Advisors Need to Know About the General Data Protection Regulations (GDPR)

Have you recently received an email like the one below from Google? Following is what you need to know about the General Data Protection Regulations (GDPR).

The GDPR primarily affects European businesses, or those doing business in Europe. According to Forbes, “any business that collects personal data or behavioral information from someone in an EU country” is responsible for meeting the requirements of the GDPR – which means the request for consumer consent must be obvious and freely provided, and it must be made clear what you will be doing with the collected data. In addition there is a proscribed protocol should that data be breached.

It Probably Doesn’t Impact Your Firm

The GDPR begins May 25th, 2018, but unless you’re doing business in the EU, you have little to worry about.

Even if someone living in Europe visits your site and signs up for your offer, you’re not in violation unless you’ve targeted that area (i.e. your webpage was in their language, referenced that country’s consumers, your site has a domain for that country, or you’re accepting transactions in that country’s currency) – generic marketing doesn’t count.

If you are not targeting EU consumers, you can ignore Google’s email and carry on marketing as you always have.

Visit the GDPR portal for more information.