The new requirements for data protection come into force on 25 May 2018. Failure to comply with them can lead to very large sanctions for companies.
The period in which all individuals, legal entities, companies, state institutions, non-government organizations, school institutions, hospitals, political parties as well as all others that process personal data have to undertake the necessary precautions to protect their employees, counterparties and partners’ personal data runs out on 25 May 2018. The scope of the Regulation extends over all those who have legal relations with individuals.
The topic is publicly known as #GDPR. The new obligations are personal and ignorance of the law is no excuse for actions or lack of them.
The fines which are intended for failure of compliance with the new personal data protection requirements can reach up to 20 million EUR or 4% of the merchant’s annual turnover.
Personal data is any kind of data which can lead to identification of a individual. The requirements are introduced in Regulation 679/2016 of the European Parliament. Although it is an enactment of the EU and not of the Bulgarian government, the Regulation has direct and compulsory action in respect to all.
Stankov, Todorov, Hinkov & Spasov, Attorneys-at-Law offer complex service for tuition and implementing the new requirements for personal data protection. The preparation of the rules has to be tailored specifically for your company – using general templates is not always the right decision. We offer you custom made service so that you can comply in the best manner with the GDPR requirements, coming into force on 25 May 2018.
Contacts: office(at)sths-law.com | tel.: +35929506242