Does your company collect personal information on European-based consumers? If so, take come time to learn about new regulations associated with the EU General Data Protection Regulation or GDPR.  These rules apply even if your company is not based in Europe or doesn't use servers that are based in the EU.  All that is required is that you target EU consumers.

So what should you do now?

1.   Get qualified advisers who understand the regulations, proposed fines for non-compliance (possibly up to 2% of worldwide annual revenues)

2.   Understand what kind of data you collect, what you do with that data and how long you retain the data.  Know the facts.  Make sure your team members understand that precision matters

3.   Evaluate if your business really needs to collect and keep all of this data to minimize the costs of future regulation compliance

Check out leading law firms for added help!