Introducing Pacific Prime’s GDPR and Employee Benefits guide
Exciting news; we’re proud to introduce Pacific Prime’s latest corporate resource, the GDPR and Employee Benefits guide! Focusing on the EU’s new GDPR (General Data Protection Regulation), as well as its implications for employers and employee benefits, our latest guide sheds light on the potential fines and risks of GDPR non-compliance, and how organizations can mitigate GDPR risks in the realm of benefits and corporate insurance.
What’s in our new GDPR guide?
Pacific Prime’s latest free guide provides in-depth answers to the most commonly asked questions HR teams have about the EU’s latest data protection regulation, including:
- What is the GDPR?
- Who does the regulation apply to?
- What key GDPR terms do I need to know?
- What are the monetary and non-monetary risks of non-compliance?
- What are the regulation’s implications for employers and employee benefits?
- How can your business mitigate GDPR risks?
Continue reading this blog article by Pacific Prime Hong Kong for a brief overview of our latest employee benefits guide, or download our GDPR and Employee Benefits guide by clicking here today.
So, what exactly is the GDPR?
You’ve most probably received numerous emails concerning companies updating their privacy policies to be in line with the GDPR. Essentially, the regulation, which came into force in May 2018, is Europe’s new framework for data protection laws and sets out to improve data privacy, whilst ensuring organizations are transparent with their clients and staff about what types of personal information they retain about them, and how they are handled.
Who does the regulation apply to?
Within the new data privacy regulation, there are wide-reaching changes for organizations that handle information. Any individual, organization, and company that holds personal data, and is based in the EU/EEA, or based outside of the EU/EEA but offers goods/services or monitors the behavior of European residents, must comply with the GDPR or face hefty fines of up to EUR 20 Million, or 4% of their worldwide annual revenue (whichever is greater).
In addition to the hefty fines, failure to comply with the regulation can also result in other financial risks, such as:
- Data security breach costs
- Legal costs
- Additional fines from a particular country’s data regulator (e.g. the UK’s ICO)
What are the GDPR’s implications for employers and employee benefits?
Any business that holds personal data of EU/EEA residents (e.g. employee benefits data) must comply with the General Data Protection Regulation. Processing employee benefits data harbors several risks, such as sending an employee’s data to the wrong recipient (e.g. typing in the wrong email address). Third parties (e.g. insurance providers, insurance brokers) can also hold significant amounts of employee data; it is thus essential to find vendors that are GDPR-compliant.
How can your business mitigate GDPR risks?
Failure to comply with the regulation can, as mentioned earlier, lead to hefty consequences. Here are some of the insiders’ tips divulged in our latest employee benefits guide as it pertains to preventing GDPR risks:
- Being transparent about the data your business collects and processes
- Restructuring your employee benefits plan by splitting the contract between non-EU/EEA employees and EU/EEA staff through a combination of locally licensed solutions
- Finding an employee benefits provider/broker that is GDPR-compliant
- Mapping every vendor that processes your employees’ data
Pacific Prime and the GDPR
As the world’s leading employee benefits specialist, Pacific Prime is committed to protecting customer data and has strict GDPR compliant policies in place to ensure all data is treated securely. For example, we only transfer data to third parties (e.g. insurers) where it is needed to deliver coverage solutions, and we’ve acquired contractual assurances from the insurers to protect your data.
If you have any more questions, or would like to get started with the world’s leading employee benefits specialist, contact our corporate team today.
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