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Welcome to a new era of a more protected Internet World. As of 25 May 2018, the European Union issued the GDPR (General Data Protection Regulation) which is automatically implemented in all 28 member states, including Cyprus. As part of our online services, we wish to give you an overview of this new regulation and how it will affect your business.
The new regulation is already in force in Cyprus affects every business and organization. Businesses that have a website or an e-shop must give even more empasis to the GDPR regulation as there are more issues that meets the eye that have to be considered. . It has revolutionized the use of data by giving the individual (data subject) more control over them. As every reputable business should respect their clients, the new regulation should be viewed as an opportunity for improvement rather than a regulation that has to be followed.
The new regulation mainly assures that the data of the user is lawfully collected, processed and controlled. A supervisory authority is in charge of helping you solve issues regarding the new regulation and to oversee that every business complies. It is important that you take every aspect of the GDPR into consideration as fines could be up to 20 million Euros or 4% of a company’s turnover.