Sri Lankan firms told to comply with new EU online privacy rules
ECONOMYNEXT – Sri Lankan companies operating or doing online business in the European Union will have to comply with new data protection and privacy rules, according to a draft road map on reforms in the e-commerce sector.
Collection of personal data or behavioural information from people in EU member states triggers the requirements of the EU’s recent General Data Protection Regulation known as GDPR, the report prepared by the Geneva-based International Trade Centre (ITC) said.
“Given the global approach of some sri Lankan companies, there is little doubt that some are already affected by the regulation,” the report said.
The EU regulation contains strict penalties for failing to abide by GDPR requirements, potentially up to four percent of global revenues.
“Sri Lankan companies operating online or in the EU will need to address the GDPR requirements to ensure compliance,” the ITC report said.
(COLOMBO, 11 September, 2018)