International buying needs and GDPR: Are B2Cs and B2Bs prepared?
INSIGHT ARTICLE |
According to a recent Statista report, business-to-consumer (B2C) e-commerce sales reached $2.3 trillion worldwide last year, while business-to-business (B2B) global sales more than doubled that with a stunning $7.7 trillion in sales. Clearly, B2C and B2B are transacting goods, services and exchanging data across borders with a buoyant velocity.
Yet despite the obvious opportunities to better meet consumer and business international buying preferences, as well as the endless prospects for enterprise growth and increased profits, there are challenges for B2C and B2B companies to navigate in these international commerce waters. One emerging area businesses should be mindful of includes the General Data Protection Regulation (GDPR).
Developed by the European Union (EU) to protect the personal data of European residents, GDPR’s reach actually extends far beyond Europe, requiring companies worldwide to safeguard EU resident data. Enforcement started in May 2018, however confusion remains about the law.
Download our infographics to learn more about GDPR’s common misconceptions and readiness considerations. For instance, some companies think they are too small, or ignore the GDPR guidelines because they do not have European operations or don’t think they possess European data. However, GDPR applies to companies of all sizes, and many companies that think they don’t have EU data often do. Further, many companies typically consider personal data to beas Social Security numbers, credit card numbers or banking information. However, GDPR protects any information that could identify a person, including biometric, geolocation and browsing data, for example.
For further insights, visit our GDPR page or visit the links below.
Emerging data privacy regulations are changing the way businesses need to think about information handling and data collection practices
RSM provides insight into common misconceptions surrounding GDPR and what organizations worldwide must do to become compliant. Learn more.
With the GDPR enforcement date now here, companies must know where they stand and how to react to avoid fines and penalties.
Enforcement is scheduled to start on May 25, 2018. What do U.S. organizations need to do now? Here are five key considerations.