In this episode, Nick delves into the intricacies of the General Data Protection Regulation (GDPR), a comprehensive data privacy law that has been in effect since May 25, 2018. He discusses the core principles of GDPR, including lawfulness, fairness, transparency, purpose limitation, data minimisation, accuracy, storage limitation, integrity, confidentiality, and accountability. Nick emphasises the importance of compliance for businesses, particularly those in the property sector, and outlines the legal obligations, individual rights, and potential penalties for non-compliance.
KEY TAKEAWAYS
GDPR, or General Data Protection Regulation, is a comprehensive data privacy law that came into effect on May 25, 2018, and applies to organisations processing personal data of individuals in the UK and EU, regardless of where the organisation is based.
GDPR is built on seven key principles, including lawfulness, fairness, transparency, purpose limitation, data minimisation, accuracy, storage limitation, integrity, confidentiality, and accountability. Organisations must adhere to these principles when processing personal data.
GDPR grants individuals several rights regarding their personal data, including the right to be informed, access, rectification, erasure, restriction of processing, data portability, and objection to processing. Organisations must be prepared to facilitate these rights.
Businesses must maintain detailed records of their data processing activities, implement appropriate security measures, and conduct Data Protection Impact Assessments (DPIAs) for high-risk processing activities to ensure compliance with GDPR.
Failure to comply with GDPR can result in significant fines (up to 20 million euros or 4% of global annual turnover) and reputational damage, highlighting the importance of ongoing compliance efforts and the need for organisations to regularly review their data protection policies and procedures.
BEST MOMENTS
"GDPR is built on seven key principles that organisations must adhere to when processing personal data."
"Processing must be lawful, fair, and transparent in the individuals whose data is being processed."
"If processing is likely to result in a high risk to individuals' rights and freedoms, a DPIA may be mandatory."
"Failure to comply with GDPR can result in significant fines up to 20 million euros or four percent of the organisation's total worldwide annual turnover."
"Compliance is not a one-time activity but an ongoing process that requires continuous effort and adaptation."
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HOST BIO
Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.
He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.
Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
