By Money Catch
05/18/2018 Dear Money Catch customers and future customers,
The GDPR are industry regulations that every company must comply with if dealing with UK consumer products or services, by law, by the above deadline. The penalties for not doing are far stricter than they have ever been. There is a greater emphasis on the companies that are entrusted, process and control an individual’s data to have a larger responsibility to protect it. A company can be fined if the systems, companies and external services they use are also not compliant with GDPR in the UK.
What exactly is GDPR?
It is a regulation implemented across the entire EU and EEA region. It applies to all companies selling to and storing personal information about citizens in Europe, including companies on other continents. It gives citizens greater control over their personal data and assurances that their information is being securely protected.
Is any information related to a person such as a name, photo, email address, bank details, updates on social networking websites, location details, medical information and computer IP addresses.
Under the GDPR, individuals have;
1. The right to access –this means that individuals have the right to request access to their personal data and to ask how their data is used by the company after it has been gathered. The company must provide a copy of the personal data, free of charge and in electronic format if requested.
2. The right to be forgotten – if consumers are no longer customers, or if they withdraw their consent from a company to use their personal data, then they have the right to have their data deleted.
3. The right to data portability – Individuals have a right to transfer their data from one service provider to another. And it must happen in a commonly used and machine-readable format.
4. The right to be informed – this covers any gathering of data by companies, and individuals must be informed before data is gathered. Consumers have to opt-in for their data to be gathered, and consent must be freely given rather than implied.
5. The right to have information corrected – this ensures that individuals can have their data updated if it is out of date or incomplete or incorrect.
6. The right to restrict processing – Individuals can request that their data is not used for processing. Their record can remain in place, but not be used.
7. The right to object – this includes the right of individuals to stop the processing of their data for direct marketing. There are no exemptions to this rule, and any processing must stop as soon as the request is received. In addition, this right must be made clear to individuals at the very start of any communication.
8. The right to be notified – If there has been a data breach which compromises an individual’s personal data, the individual has a right to be informed within 72 hours of first having become aware of the breach.
Money Catch has clients all over the world, so we take every countries law seriously. We value our client’s privacy (beyond mere legal compliance) and we are transparent about how the data is used. Money Catch’s compliance system gives control to our clients, where they can update or remove their information from us at any time. Requests can be made by the client portal, email, phone or by mail.
Money Catch Duty
Map our company’s data, identifying where data resides, who can access it and if there are any risks to the data.
Clean up; determine what data we need to keep based on;
Infrastructure to help contain any data breaches. Money Catch has secure systems with security measures in place to guard against data breaches.
If a data breach did occur, we would notify individuals and authorities promptly.
Disclaimer: The content in this guide on GDPR is not to be considered legal advice and should be used for information purposes only.
COPYRIGHT MONEY CATCH ®
Money Catch is a firm of Investigators & Unclaimed Money Professionals tracing missing heirs to estates, assets and unclaimed money. We provide services to individuals, accountants, brokers, banks, financial advisers and many others on our expertise and service in unclaimed money. We hold all…