Data sharing and the General Data Protection Regulation (GDPR) go hand in hand these days, with a vast portion of enterprises swimming in the new data economy and dealing with clients in the European Union. But just how does GDPR affect data sharing practices, and what do you need to know to avoid potential breaches of the regulation? We explain all.
GDPR data sharing agreement
If your organization is currently sharing – or intends to share – data with other parties, you’ll need consider any and all legal ramifications of such an agreement. This is because the GDPR data sharing agreement oversees the sharing of personal data by enterprises within (and in many cases, by proxy, outside) the EU.
Say you’re an Australian organization that deals with clients around the world. Just because you are based in Australia and all your staff reside in Australia, that doesn’t mean you are exempt from data sharing oversight by the GDPR. If you have clients based in the EU, then you will be held to the same sharing regulations as any entity within the European Union.
It’s important that you familiarize yourself with the GDPR, and especially its sanctions for any breaches. That way you can ensure you are participating in data sharing activities that are above board and align with the relevant regulations, GDPR or otherwise.
Sharing data with 3rd parties GDPR
If you plan on sharing data with 3rd parties, the GDPR should act as your bible for knowing what you must disclose to the data subjects. For example, the regulation outlines a number of ‘rights’ for the various parties, including the right to be informed. This means fair processing (transparent information) must be provided to the subject of the data – with that information differing depending on whether the data was pulled from the data subject or a third party.
If there are issues with the data you’ve shared with a third party, it is also your obligation to rectify that incorrect information with the third party, wherever possible.
There are quite a few rules surrounding what you can and can’t share with third parties – and how the data subjects must be informed of this sharing – so it’s recommended you do your due diligence and read up on GDPR before engaging in any data sharing activities.
Data sharing protocol GDPR
Every enterprise participating in the new data economy must create and deploy a thorough data sharing protocol, with GDPR’s regulations forming its base structure. This is because if you breach any element of GDPR, you will be liable to pay a severe fine (sometimes up to 4% of your company’s annual global turnover, or €20 million).
Work with your data provider or legal team to outline a data sharing protocol that abides by GDPR (and any other relevant data sharing regulations in your business regions) so you can take advantage of insightful data without running the risk of regulatory breaches.