Is Your Small Business Prepared for the EU’s GDPR?

If you’ve been near a television this month, you’ve likely seen Mark Zuckerberg in court, defending Facebook after its data dealings with Cambridge Analytica.

Personal privacy and data security have become an even bigger conversation around the world.

Corporations want consumer information to sell more products, and governments need it so they can persuade citizens to vote in their favor.

On May 25th, the EU’s General Data Protection Regulation (GDPR), addressing the export of personal information from citizens living in Europe, will be enforceable.

Essentially, the GDPR helps people regain control over their personal information.

This will impact big corporations more than any, as they live off of collecting mass amounts of data when they expand overseas.

However, small businesses will also be affected, even those that aren’t based in Europe.

Less and less small businesses are staying at home. It’s likely that you, or a small business owner that you know, has expanded overseas.

Here’s how you can tell if your small business is following the EU’s new GDPR.

Self-Audit

Most small business owners don’t have an entire legal department at their disposal. At best, they have a family friend that attended law school.

The best way to prepare for GDPR is to check yourself. Make sure that all of your contracts, whether they be employee or outsourcing, are up to code.

It’s much harder to stop a running train than it is a stationary one, and the same principle applies for when you’re trying to change business operations that have become rather automated over time.

Slow down and make sure everything is in order before you reignite your business operations.

Conscious Collection

Knowing which chocolate bar someone likes doesn’t have to be a carnal sin.

Understanding consumer behavior is an important part of doing business in today’s world.

When somebody walks into a convenience store to find their favorite candy already waiting for them at the cash, they’ll likely respond to the smiling cashier in one of two ways — with suspicion or with appreciation.

Small business leaders have to walk that line between convenient and conniving.

A simple way to do this is by ensuring your products and data collection follow the two main laws of the GDPR — the right of access and the right to erasure.

Consumers should be able to see what others have collected from them, and choose whether or not they want that data to be erased.

Failing to abide to the GDPR could land small businesses in hot water.

Stay Secure

Technology has brought us to a point where personal data and sensitive information are immensely valuable.

Knowing someone’s information could open their wallet, identity or front door.

Luckily, technology has also given us the weapons to fight back.

Keeping consumer data secure should become an even greater priority for your small business. With the GDPR, you’re liable for the valuable assets you hold.

Ensure your data is safe by using the latest security measures. Have your privacy settings at the highest level, and only release personal information once it’s necessary.

Have it under lock and key, as you would a priceless artifact. Seriously.

Once someone’s bank details are compromised, it’s only a matter of time before the rest of their information is accessed.

That’s why small businesses should use Veem, a modern payments platform built for today’s digital world.

Small businesses leaders should spend their time increasing profits, not needlessly watching over the money that they already have.

Veem works behind the scenes to ensure your payments are speedy and secure.

Even better, Veem has zero fees — unlike sketchy bank wires that gouge small business owners to no end.

Join Veem today for payments that can keep small businesses growing.

This content was originally published on the Veem blog. Check it out for more information and exclusive articles.