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GDPR may affect your business in terms of how both new and existing data will be stored and processed. Organisations working with Personal Data are recommended to appoint a Data Protection Officer and develop strong company-wide awareness of the legalisation. Penalties for data breach include up to 4% of annual global revenue.
Privacy details including 100% privacy guarantee and protection must be clearly displayed to consumers. Consent forms on online/websites must also be visible.
GDPR applies in exactly the same way to existing data. Before a company is to become compliant with the new GDPR, existing data must be reviewed and assessed to ensure permission has been validated throughout and meets the GDPR standard.