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Businesses, large and small, are in the midst of preparing for compliance with the Europeans Union’s new data privacy laws: The General Data Protection Regulation, or the GDPR, which will go into effect on May 25, 2018. The GDPR is very broad in scope and can apply to businesses both in and outside of the EU. Businesses that don’t comply with the GDPR could face heavy fines. Here’s what you need to know about the…