On June 14, Fox Partner Scott Vernick appeared on live-streaming financial news network Cheddar to provide background information on the European Union’s General Data Protection Regulation, which goes into effect on May 25, 2018. To comply with the new privacy rules, companies that provide online services to residents of the EU will be required to obtain documented “hard consent” from customers before processing and storing their data. For many American companies, this is a significant shift.
Scott outlines the high stakes for companies affected by the GDPR, in the form of a fine for failure to comply of four percent of their worldwide annual turnover (i.e., gross revenue). He also discusses the potential impact on EU-based user experience, and notes that companies will need to account for changes to the GDPR allowed within specific member countries.
We invite you to watch Scott’s informative segment.