Your Company must be GDPR compliant even if you have one customer from the European Union, countries listed below:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.
In simple terms here are the main bullet points of the GDPR:
People have the right to receive all information the company has on them for free within a month of requesting the data.
If audited you need to show a plan of what would happen if a leak/hack happened and what prior measures were taken to prevent this event.
You have to know and document why you are holding data you are not allowed to hold data on people that you do not intend to use or use as “opportunistic data”.
Write a nonlegal document that tells why you need the data and have it available on the website in a standard sized print.
You must delete all data on a user when you are asked.
You can’t use a pretick boxes as a qualifier to gather information. The user must “take action” and tick the box for you to actively market to them. If obtaining information from a physical source they must sign or give consent that you may store their information and you must keep an audit of this action.
You must make it easy for users to opt out of information.
You can not use small print to show your fair use notice which is required to have on your website.
If someone opts out of communication you must make sure they never receive information from your business. (Fines will apply)
You can’t sell information you have gathered unless the user actively checked that they understand that their data may be used by third party companies
To sell a company with its data you must have all user actively approve the fair processing notice with an “Assignment clause” that states: “If the business is bought then the new owner has a right to use their data for uses that the user has agreed to”
New Owners of companies that were bought with data can not use the information for anything other then what customers have already agreed to.
At Social Advisors, our direct mission is to offer high-touch white glove marketing services to financial advisors. In contrast to the automated marketing craze, we help advisors develop the custom content necessary to demonstrate thought leadership, utilize social media to nurture prospects and create leads, and leverage email campaigns to funnel added sales opportunities.
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