Meeting the legal requirements for storing business information is the cornerstone of complying with the GDPR, EU Directive 2009, DPA 1988, and other policy directives that are applicable elsewhere in the world. These data management laws and regulations not only protect the individuals but also businesses. Therefore, collecting business information is not free from the GDPR principles. Failure to protect data and uphold the sanctity of the data-owner or entity it belongs can be deemed as illegal malpractice in the court of law.
The legal requirements for storing business information are elaborated under Article 35 of the GDPR. For businesses ensure GDPR compliance it is essential that they are not misusing the data of organisations such as their clients; current, former, potential, suppliers, and other stakeholders. Misuse indicates the usage of the data for purposes it was not obtained for, using it without consent or out of the context of the agreement of the rightful owner among other things.
All organisations operating under the EU are required to carry out an impact assessment to gauge their obligations and ensure compliance.
An assessment helps in the development of detailed policy to spread awareness and define goals across all departments to be compliant. It can reduce the risk of not meeting the legal requirements for storing business information or causing a breach.
The data that may be collected under the blanket label of Business Information may entail some or many of the following:
Every organisation is only allowed to process data and use it for the shared and consented purpose. Any use outside of the data is unlawful and defies the legal requirements for storing business information.
Furthermore, businesses are required to ensure that they are GDPR compliant by undertaking steps to protect information during the following stage:
The law also requires the information to be removed should the concerned party object to the subject’s use. The subject in the case is the business that the information belongs to. This is why businesses can opt-out of unnecessary b2b communication if required.
The data subject may request to withdraw their data according to their right to privacy unless the use justifies a greater good and protection of the public interest. The storage of information and recycling the information for other purposes is only limited to the initial agreement of the provider of the information to the holder. Furthermore, no business shall exchange the business with unauthorised parties for a sum of money or another mode of payment. This shall be considered as malignant use of information under the GDPR law.