In today's digitised economy, the ability to collect, process and analyse customer data has become essential for most businesses. The emergence of the phrase "data is the new oil" underlines just how important it is as a resource.
But the huge amount of data being created has also given rise to concerns about security. With the aim of protecting citizens of the European Union from data breaches and privacy intrusion, the European Parliament approved the General Data Protection Regulation(GDPR) in 2016, and the regulations came into effect in May this year. Since GDPR applies to all companies that process the personal data of people living in the E.U, regardless of their location, Hong Kong companies with business ties in Europe are also affected by the new regulation. Breach of GDPR can result in a penalty of up to 4% of the company's annual global turnover, or €20 million (HK$185 million), whichever is greater.
To help our members understand the challenges and opportunities GDPR present, HKGCC has invited Tan YenEe, Regional Consultant, IT Service and Cybersecurity of TÜV Rheinland, and Davide De Rosa, Partner of Gianni Origoni Grippo Cappelli & Partners, to share their insights on best practices in privacy management and ways to minimize legal risks.