Lexpert Magazine

Nov/Dec 2017

Lexpert magazine features articles and columns on developments in legal practice management, deals and lawsuits of interest in Canada, the law and business issues of interest to legal professionals and businesses that purchase legal services.

Issue link: http://digital.carswellmedia.com/i/894157

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Page 75 of 91

76 LEXPERT MAGAZINE | NOVEMBER/DECEMBER 2017 IN-HOUSE ADVISOR Europe's General Data Protection Regulation will soon come into force, requiring major Canadian companies to carry new costs associated with a higher standard of data privacy BY BRIAN BURTON ILLUSTRATION BY ROBERTO CIGNA Erased FROM POSTERITY COMPANIES CEASELESSLY COLLECT customers' personal data because they can — and because they know their competitors can. ese companies know that whoever has the most data, and conducts the best analysis, can make impressive gains in the competition for revenue, profit and investment. ey collect and use their customer's information to understand changing trends and personal preferences, how to get the attention of individual consumers, how to hold it, how much investment it takes to make the first sale to a new customer and how much incremental investment it takes to make the next sale, explains Timothy Banks, a privacy lawyer and partner in the Toronto office of Dentons Canada LLP. e combinations and permutations are endless. "It's all about analytics and interest-based advertising," Banks says. "And that's a point the privacy commissioners have not given enough attention. Anything that interferes with analytics and interest-based advertising is go- ing to be a concern for business." e largest looming concern on the privacy front worldwide is the Gen- eral Data Protection Regulation (GDPR) of the European Union. Passed by the EU parliament in April 2016, it goes into effect on May 25, 2018, with important implications for any company collecting, retaining or pro- cessing personal data on EU citizens. At full stretch, that could include any company, anywhere, selling anything online. If it all sounds a trifle esoteric or just plain remote from daily business concerns in Canada, the first thing Canadian companies need to know is that fines for violations of the General Data Protection Regulation can reach 20 million euros ($30 million) or four per cent of "worldwide annual turn- over" — whichever is more (article 83, section 4). For a company with $2

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