The new EU data protection rules entering into force on 25 May 2018 will apply to everyone dealing with personal data information, whether this is stored online or on paper. Professional accountants are directly impacted by these requirements as they deal with collecting, storing and processing personal data in relation to their clients, employees, and subcontractors. These data protection requirements need to be considered seriously as fines could go up to tens of millions of Euro.
The purpose of this factsheet is to help accountants understand how the new legislation impacts their work. We explain the legislative changes and provide examples of what these mean in practice, among others: to inform their client on their data rights, ensure proper cybersecurity, and better and timely respond to data breaches.