Today, Dillistone Systems announced that we had become the first executive search specialist technology supplier to become accredited under the EU-US Privacy Shield Framework. This is the new framework which replaced "Safe Harbor" and it's a pretty big deal in terms of storing information on candidates.
But it's also nothing compared to what is coming. In May 2018, the new "General Data Protection Regulations" come into play. If your search firm stores electronic information on European citizens - even if your firm is not in Europe - you will be impacted.... the rules are tough and the fines draconian - up to 20 Million Euros (potentially more for very large firms). Companies that break the rules and suffer a breach could be wiped out.
Our accreditation is just one of many things we are working on to ensure that we stay within the new rules, and we've put together a white paper to help our clients think about what they need to be doing. If you are a client and want to receive a copy, speak to your account manager or email email@example.com!
We'll provide further updates on our progress in this area in the coming months.
“These rules, which will be enforced from 2018, will dramatically raise the bar on privacy standards and will come with fines that are large enough to destroy virtually any search firm in the industry – and, indeed, virtually any supplier!"