If your firm processes customer-related information for individuals located in the European Union (EU), then you’re not alone in thinking the General Data Protection Regulation (GDPR) that becomes effective on May 25, 2018, will impact your practice.
How it impacts an accounting firm (and your clients), as well as how you should prepare for GDPR compliance, is what everyone is rushing to understand before the new law takes effect. In fact, two-thirds of US companies believe the regulation requires them to rethink their strategy in Europe, and 85 percent expect it to put them at a competitive disadvantage with European companies.
The widespread uncertainty has caused sleepless nights, but what does the GDPR really require? Moreover, how can you gain peace of mind by understanding how it impacts your accounting firm?
Read on for a quick refresher on the origins of the GDPR and a useful checklist to help prepare you for this important new regulation:
What is the GDPR?
The GDPR was created in 2016 by the European Parliament, Council of the EU, and the European Commission to strengthen and unify data protection for customers and individuals in the EU. No matter where a company is located, if it handles the personal information of anyone located in the EU, then it must abide by these regulations and respect the digital rights of EU citizens protected by the regulation.
What Kind of Data Does the GDPR Regulate?
About Tomas Suros
Tomas Suros is a lawyer and technology advocate working at the intersection of law, IT, and client consulting. With AbacusNext since 2004, he currently serves as Chief Solutions Architect, guiding firms through the process of identifying forward facing technology options and ensuring the successful implementation of a tailored solution.