GDPR

GDPR Notice

What is GDPR?

The General Data Protection Regulation (GDPR) is a European Union (EU) regulation designed to standardize data privacy laws across the EU. It governs how organizations collect, store, and use the personal data of individuals within the EU.

Simply put, GDPR applies to companies both within and outside the EU that offer goods or services to, or monitor the behavior of, individuals residing in the EU. The GDPR was adopted in May 2016 and became enforceable on May 25, 2018.

What Does GDPR Do?

GDPR aims to protect the personal information of EU residents. It provides individuals with greater control over how their data is collected, processed, and used. Key requirements for organizations include:

  • Providing clear notice about data collection and its purposes.

  • Obtaining explicit consent for data processing activities.

  • Defining data retention and deletion policies.

  • Maintaining secure systems to protect personal data.

  • Notifying authorities promptly in the event of a data breach.

For more detailed information, visit the European Commission’s GDPR site.

What is Personal Data?

Under GDPR, personal data is any information that can directly or indirectly identify an individual. This includes, but is not limited to:

  • Name, email address, and phone number.

  • Photos, IP addresses, and bank details.

  • Social media posts, location data, and medical information.

Sensitive personal data, such as race, ethnicity, or health information, requires even stricter handling under GDPR.

What Does This Mean for EU Residents?

EU residents have enhanced rights under GDPR, including:

  • The right to access personal data collected about them.

  • The right to request corrections, deletions, or restrictions on data usage.

  • The right to data portability and the ability to withdraw consent at any time.

Organizations are obligated to ensure transparency and take necessary security measures to protect data.

What Does This Mean for U.S.-Based Businesses?

If a U.S.-based business offers goods or services to individuals in the EU or monitors their online behavior, it must comply with GDPR requirements. This includes obtaining informed consent for data collection and processing, securing personal data, and addressing requests related to data rights.

For U.S. customers not residing in the EU, GDPR does not typically apply.

How is Destin Business Brokers Addressing GDPR Compliance?

At South Walton Business Brokers, we are fully committed to upholding the highest standards of data protection and ensuring compliance with GDPR for our EU clients. Our steps include:

  • Auditing our data collection and storage processes to meet GDPR requirements.

  • Ensuring transparency in our data usage policies.

  • Implementing secure systems to protect personal data.

  • Training our team on GDPR compliance standards.

For more information about GDPR, please visit the European Commission’s GDPR site.

If you are an EU resident and have questions about your data or wish to exercise your rights under GDPR, please contact us at:

South Walton Business Brokers
Phone:850-684-0467
Address: 1234 Airport Road, Gulf Plaza, Ste 117 - Destin Florida, 32541

Last Updated: 11-16-2024