At more than $125 million worth of exports, the EU is ASEAN’s second largest trading partner after China.
Though the General Data Protection Regulation (GDPR) only comes into force on May 25, 2018, regionally based businesses should not be too quick to dismiss the regulations as irrelevant to their operations.
The GDPR stipulates rules and penalties compelling businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. The new regulations include an overview of where and how personal data - including credit card details, banking and health records - are stored and transferred.
According to a Veritas1 report on GDPR, 56 percent of Singapore companies are concerned they will not meet the new EU requirements, and only 18 per cent feel confident they are GDPR-compliant. More than a third of those surveyed don’t have the right technology in place to cope with GDPR compliance.
With just four months to go before the rules take effect, organisations should look to establish a clearly defined governance strategy and be aware of the prosecution risks for violating GDPR. Non-compliant companies can expect huge penalties of up to four per cent of global turnover or 20 million euros, whichever is greater.
But it doesn’t end with penalties. Being non-compliant will have a damaging impact on the company’s reputation and brand, lead to higher compliance costs and loss of customers if the GDPR governing authorities go public about the violations.
If your organisation is trading with the EU, here are several steps to start your compliance journey today.