Much like we try to emulate the European lifestyle of good food and wine, we are about to embody their data protection rules too.
Beginning on May 25, 2018, companies that do business in the European Union must now follow the General Data Protection Regulations, a.k.a. GDPR.
These basically are guidelines that create data protection rules for users across Europe.
Basically, GDPR says that companies can will no longer collect or process the consumer data of EU citizens without identifying a legal basis for doing so and of course, obtaining consent.
- Experts Break Down GDPR Risks for Investors
- Complying With GDPR Could Be Costly for Facebook, Google and Other Tech Giants
- How GDPR Will Affect Dealmaking
In addition, parental consent will be required to process any data relating to children ages 16 and under.
Even though GDPR is not a U.S. law, it will affect companies doing business abroad. And it just may be the guidelines we need here to help level the playing field for both companies and consumers.
So watch our video above to learn more.
And stay tuned, because this story is just beginning.
Looking for more 60 seconds? Check out these:
- 60 Seconds: What is the Volcker Rule and How Does it Affect Your Portfolio?
- 60 Seconds: What is the Yield Curve and Why is it Screaming Recession?
- Tax Tip: Small Businesses Get Big Benefits From the New Tax Laws
For more on all of this follow me @tracybyrnes