Are you aware of the new General Data Protection Regulation that is going to be enforceable starting May 25, 2018? The question is, what is the GDPR and how are they applied to Crowdfunding and SaaS based Crowdfunding platforms? If you are looking to create a Crowdfunding platform either with Thrinacia Atlas or another product, you should consider the following GDPR rules encompassing user privacy and security.
For starters, the General Data Protection Regulation (GDPR) updates are going to be applied to European Union (EU) citizens. That means if you are storing any EU citizens information no matter where you are located on the globe, these new regulations and rules directly apply to you or your business. The new GDPR rules are becoming enforceable May 25, 2018, and were created to help protect user information. Companies could face large fines if they do not follow the rules outlined in GDPR.
GDPR Rules and Restrictions
How is this applied to your Crowdfunding Platform or Portal?
If you are running your own Crowdfunding portal or platform, and are receiving donations from EU citizens or collecting EU citizen data, then you need to be aware of such regulations. Names, email addresses, phone numbers, and home addresses are all data types that are applied to the new GDPR rules. In addition, if you are wondering if these regulations would prohibit any email marketing for your Crowdfunding platform or campaign, take a look at this resourceful article.
How to be compliant
Rights of the user
Below are the following rights that the GDPR demands that the user may obtain:
- Ability to access personal information by request
- The right to deny the platform from using their data
- Access to completely delete the personal information
- Retrieve and use their information on other platforms
- Eliminate their authorization at any point in time
GDPR standards for the platform
Below are the standards that the GDPR requires from your platform:
- The standard GDPR data management procedures
- GDPR data security measures to ensure client data security
For more information concerning the regulations, compliance, and consequences, see this wiki page.
Will I be compliant by using Thrinacia products?
Thrinacia products will be technically or code/infrastructure compliant by May 25, 2018. We will be adding new features and updating our own privacy and terms policies so there will be no issues in regards to this end. However if you have custom website and do not receive automatic updates, then you will need to ensure you are compliant.
Also any website (including the ones which receive or don’t receive automatic updates), will need to update their legal pages such as privacy policy and other documents themselves to ensure they are compliant on that end. You could also seek professional advice from consultant to audit your site to make sure it’s GDPR compliant.
For portal administrators or portal owners
As the administrator of the platform, you will have to update your privacy policies, and to do so, we recommend you take a look at this link: https://termsfeed.com/blog/gdpr-privacy-policy/
If your portal is considered custom and is not receiving the automatic updates, then you will be provided with the backport code. You can implement the backport code to your platform yourself, with your own developer or hire our in-house developers. Those portals that already receive automatic updates will not have to add any code as we will send such code during our automatic update.
Be sure to contact support@thrinacia.com or enter the live Discord chat for any questions or concerns in regards to GDPR.