As of May 25, 2018, U.S.-based businesses that have operations in the European Union (EU) or that employ citizens of EU nations will have new requirements to meet regarding data protection. This is when the new General Data Protection Regulation (GDPR) takes effect.

Any companies not prepared to meet the new regulations that experience a data breach could face massive fines. Agents selling group plans, benefit or retirement packages to companies with EU employees that will subsequently store personal information on those employees could also be affected.

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