The GDPR is an EU law that went into effect in May of 2018. Here are just a few examples: The General Data Privacy Regulation (GDPR) Laws and regulations regarding online privacy vary by country, state, and even industry as do the penalties, which tend to be significant. Read More: Survey Reveals Global Differences in Employees’ Awareness and Training Around Data Privacy Policies 5 Digital Policy Initiatives to Start Right Now Take Privacy Seriously and Know Which Privacy Regulations You’re Required to Meet. Instead, I’ve narrowed digital policy development down to five things you absolutely must do to protect your business, your employees, and your customers. I certainly wouldn’t give you the same advice I give to my global clients. Owning a small business myself, I understand what it’s like to have to make choices about where to spend your resources. But that’s very unwise when you consider that few small businesses have the resources to survive the fallout from a crisis involving their online activity. When you look at it that way, it’s not hard to understand why many small businesses regard digital policies -if they think about them at all -as something they’ll get to “someday”. The owners or leaders of small businesses are typically responsible for three or more of the following functions: operations, finance, sales, marketing, HR, customer service, product development, or IT. Employees of small businesses wear many hats, starting at the top.The vast majority of businesses that fail, do so because of cash flow problems.Only 40% of small businesses are profitable.77% of small businesses rely on the owner’s personal savings for their original funding.The truth, however, is that small businesses power the economy despite lacking the resources of larger organizations: Read More: Facebook’s Libra Announcement Shows It Has No Fear of Further Scrutiny over Data Privacy, Says GlobalData When you look at the magnitude of their economic impact, it would be easy to assume that small businesses know exactly what they’re doing and would be the obvious place to look for advice and best practices. Small businesses are responsible for two-thirds of all new jobs created each year.
More than half of all Americans own or work for a small business.
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