Legal support: GDPR compliance and data protection.
In the era of digitalization and widespread use of personal data, information leaks have become frequent. The European Union has adopted the General Data Protection Regulation (GDPR) to protect citizens’ data. It applies to all companies working with EU residents’ data and imposes strict requirements for data processing.
In this article, we will discuss the main requirements of this document and where exactly you will need legal assistance.
The regulation is based on seven main principles:
- Legality, fairness, and transparency: Data processing must be lawful and transparent.
- Purpose limitation: Data should only be processed for lawful purposes.
- Data minimization: Collected data should be limited to what is necessary.
- Accuracy: Data must be kept up to date.
- Storage limitation: Data can only be stored until the purpose of its collection is achieved.
- Integrity and confidentiality: Data security must be ensured.
- Accountability: The data controller must demonstrate compliance with all these principles.
The first area where our clients often need help is reporting. It must be done from the start of your business. The company should have a dedicated employee responsible for maintaining documentation and compliance reporting. It’s important to understand that these functions cannot be performed by a regular employee lacking data protection experience.
Often, finding a sufficiently qualified employee can take a lot of time and resources, so we recommend seeking consultation from specialized companies at this stage. Their experience and practice will save you money and stress. Also, if you plan to work with third parties who will process personal data on your behalf, you must conclude a processing agreement, which lawyers can help draft.
The second point to pay attention to is data security within your company. When accessing client data storage, your employees must follow all precautionary measures, namely two-factor authentication.
If you have a question about when data collection will be considered lawful, here are some instances:
- The data subject has given you explicit and unambiguous consent for data processing. (for example, they agreed to your email marketing campaign.)
- Processing is necessary to perform or prepare to enter into a contract where the data subject is a party. (For example, you must verify data before renting property to a potential tenant.)
- Processing is necessary to perform a task in the public interest or perform some official function. (for example, you are a private company for waste disposal.)
Consent for data processing must be unambiguous. The company must be able to confirm receiving consent and provide the option to withdraw it.
Complying with GDPR is a legal requirement and a factor that increases customer trust. The lawyers at SBSB Fintech Lawyers are ready to provide you with comprehensive legal assistance in data protection, and help meet international standards, which is critically important for successful business conduct in modern conditions.