Despite being only 10 months away, many companies are still grossly underprepared for the EU’s General Data Protection Regulation (GDPR). The GDPR will greatly affect how companies collect, store and use their customer’s information. It demands clear consent from residents for data to be collected and clarity as to for what the purposes that data can be used and it specifies the scope of what constitutes personal data to include social media data, photos, email addresses and even computer IP addresses.
As an industry that handles a significant volume of personal data, companies that operate in the Real Estate sector will be greatly affected by the regulation and those who fail to prepare will be faced with severe fines, as Kristina Russell, our UK Sales Manager, explained in her recent interview with Estate Agent Today.
“Currently the Information Commissioners Office (ICO) can only fine companies a maximum of £500,000 however, this will drastically change under GDPR. The ICO’s total fines in 2016 were £880,500 and under GDPR it would be £69 million according to risk mitigation firm NCC group.” she explains.
To read the full interview and learn more about how to prepare for the GDPR, please click here.