May 23, 2018

We are ready for the GDPR!

by admin123 in About Us

During the last few months the Internet has been exploding from the news about Genereal Data Protection Law. ’Global law’ or ’digital evolution’ as it is sometimes referred to, GDPR is considered to be the law beyond the boundaries of Europe which brings major changes to the data protection policies. We suppose it’s not at all a new talk for you, however, in case you have not been looking closely at this topic lately, let us clarify on this.

On May 25th 2018, the new data protection law introduced by  the European Parliament and the European Council called General Data Protection Regulation (GDPR) will come into force. Aimed to unify and strengthen data privacy for individuals located in the European Union, GDPR also extends the applicability of EU data privacy legislation to non-EU companies who store or process data of EU residents. Importantly, under the GDPR, the concept of “personal data” is very broad and covers any information relating to an identified or identifiable individual. It gives data subjects more rights and control over their data by regulating how companies should handle and store the personal data they collect.

Getting in compliance with standards set by GDPR might have been a real challenge for companies processing personal data. One of the key principles, transparency, obliges companies which process data of individuals to clearly state what information they are collecting, its collection process and methods, for which purposes and what it will be used for. The regulation presents the notion of consent from entirely different perspective, stating it should be clear and specific. GDPR makes allows users to be in control of their personal data flow by setting the rights of data subjects that they can exercise against the company in Articles 13-22 of the Regulation. It also sets a speedy reaction time to data breaches where individuals must be notified within 72 hours from the event. Failing to comply with GDPR can result in fines as high as 20 million or 4% of the company’s annual global revenue, whichever amount is greater.

BASIS ID has been no exception to the changes brought by GDPR. Our compliance team has been working together with developers to ensure the secure and trusted environment for our clients. You can check our updated Privacy Policy that comes in effect from 25th May 2018 here.

In BASIS ID, we treat your personal data as your personal value, so in case you have any questions, please contact our support team via support@basisid.com and we’ll be happy to help.

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