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What is GDPR and How Does it Affect Users

May 23, 2018, 10:48 AM by Nick Ryan

General Data Protection Regulation

What you need to know

What is GDPR?

The GDPR is a new European privacy law that is taking effect 25 May 2018. It imposes more stringent requirements on companies that collect, store, or process the personal data of EU residents. Any company that holds personal data of EU residents is accountable under the GDPR, regardless of the company's physical location.

Why is GDPR important?

It will unify data privacy laws across the European union and regulate the collection, use and sharing of online identifiers like cookies and advertising IDs the brand advertisers, agencies and other data partners use in digital advertising.

What is changing?

The GDPR is legislation that replaces the current out-of-date law and aims to give individuals more control over their personal data, by requiring that businesses gain more explicit consent from them to collect and use it.

What are my entitled rights as a user?

Contacts from the EU will not have more control over their data and how it is obtained. Users are allowed to see all of their personal stored data sourced by a company and are able to choose to be forgotten or have their data erased at any time. Users are able to request modifications to their personal data held by the company. Organizations are required to notify governmental authorities within 72 hours of a data breach.

GDPR Violation Penalties

The GDPR authorities will be able to issue fines of up to EURO 20 million or 4% of annual worldwide turnover, whichever is higher if there is a breach in the requirements of the law.

What is Hilco Streambank doing?

As an organization, Hilco Streambank is reconnecting with all contacts in the European Union to verify explicit consent to receive marketing materials. This includes intellectual property acquisition opportunities, IP addresses and other valuable information regarding intangible assets. We want to ensure we are doing everything possible to accommodate our European contacts. For further information on our efforts please view our updated Privacy Policy.

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