How Brexit and the GDPR will affect data privacy for all UK businesses
We decided to take a little break from fraud in this episode to focus on Brexit instead. Specifically, we were interested in how Brexit will impact UK firms in regards to data. So Gerry called up Eric Klotz, who is something of a data legislation expert, to get some answers about data privacy, the new EU GDPR and how Brexit will impact legislation and UK firms.
The conversation was prompted by some concerns we heard from prospects and clients about Brexit. Ravelin is a UK-based company, the prospects were continental European based businesses - so all reasonable questions.
The conversation is linked below but the good news is <spoiler alert> that most of the existing privacy legislation is superseded by the General Data Protection Regulation agreement to which the UK remains committed. Brexit or not, the UK companies including Ravelin, would need to be compliant with GDPR in order to do any business in Europe. The same holds true for US, Asian or any other business.
GDPR of course brings with it its own compliance challenges that will be interesting to see tested. The fines have real teeth - 4% of turnover of $20M for multinationals, whichever is larger. For more details and to hear some FAQs answered, listen to the episode "The GDPR questions everyone is asking".