Posted on April 18, 2018
According to Axios, U.S. companies are “largely unprepared” for the new European Union (EU) data privacy laws that will take effect this May. The General Data Protection Regulation (GDPR) is intended to “give users more control of how their personal data are used and streamline data processes across the EU.” Companies that fail to achieve GDPR standards will face penalties and fines. Europe has taken a stricter stance than the U.S. on protecting consumer privacy and the new regulation will serve as a “litmus test for regulating the data economy.” The effects will be far-reaching for tech companies and e-commerce merchants, but will also affect any company that collects data on customers, including real estate brokers, managers and owners. Any real estate companies dealing with individuals in Europe will have to remain compliant. GDPR will grant the following rights to individuals:
- The right to be informed that data is being collected.
- The right to access the data.
- The right to change, correct or update the data.
- The right to erase data.
- The right to restrict processing.
- The right to data portability.
- The right to object.
- Rights in relation to automated decision making and profiling.
According to Inman news, these regulations cover CRE companies that store personally identifying information on potential customers and existing tenants. Property managers, many of whom collect and process data regarding energy efficiency, must gain consent from tenants.