opinion

No Need to Panic Over GDPR Compliance

No Need to Panic Over GDPR Compliance

The last several weeks have been anxious for all of us. The frenzy leading up to the May 25 compliance deadline for the E.U.’s General Data Protection Regulation (GDPR) had many reaching for the panic button. Everyone seemed to be asking, what do we have to do? How do we do it? And what happens if we aren't compliant in time? The good news is that most of us can move away from that panic button.

In a nutshell, GDPR is a game-changing privacy law filled with a long list of regulations for handling data for consumers based in the E.U. The goal is to align existing data protocols while increasing the levels of protection for individuals, ultimately helping consumers gain a higher level of control over their data through a more transparent data collection and use process.

Let’s face it, complying with GDPR is no small task. You’ll have to rely on other parties to get you through the process, and make sure you remain compliant. But, rest assured, if you can show you’re taking action and the steps you have taken towards compliance, that’s a great start.

Now that the deadline has come and gone, we all can take a step back and breathe. If you still aren’t 100 percent compliant, you’re not alone. In fact, according to many reports, if you were compliant at the deadline you are in the minority. It’s true that anyone not fully compliant can face hefty fines, as high as four percent of worldwide revenue. This has led some organizations to take drastic measures. For example, two major newspapers in the U.S., the Chicago Tribune and L.A. Times, simply blocked E.U. users until the organizations are in compliance with GDPR. Facebook and Google in the U.K. met the deadline but were still hit with lawsuits seeking 8.8 billion in damages, claiming their updated policies didn’t go far enough to protect user data. You can see why panic might be the natural reaction. However, the bottom line is that making a good faith effort to take the steps necessary towards compliance is most important. For SegPay, those steps began with a full “Health Check” — evaluating all current policies and processes against GDPR guidelines. We’ve appointed our Data Protection Officer (DPO) to help make sure those policies and processes are compliant. We’ve registered with the U.K. Information Commissioner’s Office and signed up with Privacy Shield. We’re in touch with all third-parties with whom we share data, to ensure that our customer data is protected; for example, if a customer requests that their data be deleted, and it is eligible for deletion under our policies, that it’s actually deleted.

Protecting user data is what the GDPR is all about and the team here at SegPay takes it very seriously. For months, our employees have worked closely with a number of third-party experts to get us where we need to be.

Let's face it, complying with GDPR is no small task. You’ll have to rely on other parties to get you through the process, and make sure you remain compliant. But, rest assured, if you can show you're taking action and the steps you have taken towards compliance, that's a great start.

At SegPay, we've received those emails talking about how companies have updated their privacy policy in preparation to be GDPR compliant and also received lots of calls looking for advice. We are also working through these issues and are here to guide you. Despite all the effort, the GDPR is a good thing. We live in a digital age, when data collection is a normal and essential part of life. The GDPR now sets a new standard for data-related laws and offers more protection for everyone.

It took only three years for Cathy Beardsley to turn startup Segpay into a profitable company. As president and CEO, Beardsley oversees the day-to-day operations and long-term strategic planning for the company. Segpay is one of four companies approved by Visa USA to operate as a high-risk internet payment service provider in the U.S. Since 2005, Segpay has offered online merchants a state-of-the-art billing platform that provides realtime payment processing around the globe.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More Articles

opinion

Best Practices for Payment Gateway Security

Securing digital payment transactions is critical for all businesses, but especially those in high-risk industries. Payment gateways are a core component of the digital payment ecosystem, and therefore must follow best practices to keep customer data safe.

Jonathan Corona ·
opinion

Ready for New Visa Acquirer Changes?

Next spring, Visa will roll out the U.S. version of its new Visa Acquirer Monitoring Program (VAMP), which goes into effect April 1, 2025. This follows Visa Europe, which rolled out VAMP back in June. VAMP charts a new path for acquirers to manage fraud and chargeback ratios.

Cathy Beardsley ·
opinion

How to Halt Hackers as Fraud Attacks Rise

For hackers, it’s often a game of trial and error. Bad actors will perform enumeration and account testing, repeating the same test on a system to look for vulnerabilities — and if you are not equipped with the proper tools, your merchant account could be the next target.

Cathy Beardsley ·
profile

VerifyMy Seeks to Provide Frictionless Online Safety, Compliance Solutions

Before founding VerifyMy, Ryan Shaw was simply looking for an age verification solution for his previous business. The ones he found, however, were too expensive, too difficult to integrate with, or failed to take into account the needs of either the businesses implementing them or the end users who would be required to interact with them.

Alejandro Freixes ·
opinion

How Adult Website Operators Can Cash in on the 'Interchange' Class Action

The Payment Card Interchange Fee Settlement resulted from a landmark antitrust lawsuit involving Visa, Mastercard and several major banks. The case centered around the interchange fees charged to merchants for processing credit and debit card transactions. These fees are set by card networks and are paid by merchants to the banks that issue the cards.

Jonathan Corona ·
opinion

It's Time to Rock the Vote and Make Your Voice Heard

When I worked to defeat California’s Proposition 60 in 2016, our opposition campaign was outspent nearly 10 to 1. Nevertheless, our community came together and garnered enough support and awareness to defeat that harmful, misguided piece of proposed legislation — by more than a million votes.

Siouxsie Q ·
opinion

Staying Compliant to Avoid the Takedown Shakedown

Dealing with complaints is an everyday part of doing business — and a crucial one, since not dealing with them properly can haunt your business in multiple ways. Card brand regulations require every merchant doing business online to have in place a complaint process for reporting content that may be illegal or that violates the card brand rules.

Cathy Beardsley ·
profile

WIA Profile: Patricia Ucros

Born in Bogota, Colombia, Ucros graduated from college with a degree in education. She spent three years teaching third grade, which she enjoyed a lot, before heeding her father’s advice and moving to South Florida.

Women In Adult ·
opinion

Creating Payment Redundancies to Maximize Payout Uptime

During the global CrowdStrike outage that took place toward the end of July, a flawed software update brought air travel and electronic commerce to a grinding halt worldwide. This dramatically underscores the importance of having a backup plan in place for critical infrastructure.

Jonathan Corona ·
opinion

The Need for Minimal Friction in Age Verification Technology

In the adult sector, robust age assurance, comprised of age verification and age estimation methods, is critical to ensuring legal compliance with ever-evolving regulations, safeguarding minors from inappropriate content and protecting the privacy of adults wishing to view adult content.

Gavin Worrall ·
Show More