WILL EU-GDPR 2018 REGULATIONS IMPACT INDIAN COMPANIES AND THEIR BUSINESS RELATIONS WITH EUROPEAN COMPANIES?
The European General Data Protection Regulation (EU-GDPR) came into operation in May 2018. The average Joe would think only individuals and companies based in the European Union would be affected. But the impact of the EU-General Data Protection Regulation stretches far wider.
Any company with business interest based inside and outside the European Union, companies in India, NGO’s, CMRO’s, or any other organisation across the globe should expect to be impacted.
INDIA AND THE IMPACT OF THE EU-GDPR
India, specifically, is also significantly affected by GDPR. Based on this regulation, India developed a Draft – Data Privacy Bill. The core values of this new bill are to help control the volume of personal data collected, and where and how it will be stored. Furthermore, is it now required to indicate the purpose and usage of personal data.
A regulation is placed on the usage of the data within specific EU countries, as well as the cross-border exchange of information.
India’s first draft of its Data Privacy Bill affords the individual, or otherwise known as the data subject, the ability to:
- Have a right to access the data,
- Ensure correction of the data,
- Request deletion of the data (this is done within certain limitations), and;
- Have a right to the portability of their information.
In respect of the above, it is suggested Indian companies take note, especially if they wish to continue business relations with companies in Europe.
Various European companies have already indicated that business relations with non-compliant companies will affect their business relation. Especially, due to the severe fines imposed on European companies, any business partners from other countries will also have to adhere to compliance regulations as stipulated by the 2018 EU-GDPR.
PENALTIES, PENALTIES AND SOME MORE PENALTIES
Non-compliance can lead to some severe penalties enforced on a company, NGO, CMRO or organisation inside or outside of Europe. Data Privacy Officers (DPO) are requested to be appointed by companies to ensure compliance is met.
DON’T DESPAIR! – THERE ARE WAYS TO KEEP BUSINESS RELATIONSHIPS HEALTHY BETWEEN INDIAN AND EUROPEAN COMPANIES
Reading through the above can lead to a “hands in the hair” feeling for small business owners / NGO’s. Having to conduct privacy impact assessments and ‘re-inventing the data wheel’ just to comply, seems like an impossible task with a huge financial implication.
Compliance Compendium (with offices in the UK and India) offer assistance to especially small- & medium companies, NGO’s, CMRO, start-ups and any other company who have to process and store customer data. We provide affordable guidelines and assistance to ensure every company, small business owner or NGO complies with the GDPR 2018 regulations and legal requirements.
Affordable training and mentorship will lead your company by hand into the right compliance path. Feel free to contact us for answers to your questions.