As email inboxes around the world are flooded with updated privacy policy notifications, the European Union’s new privacy law, the General Data Protection Regulation (GDPR), takes effect on May 25.

The first significant regulatory policy enhancement to E.U. data protection regulations in more than 20 years, the GDPR requires companies to ask consumers whether they can collect their data, answer promptly if asked what it’ll be used for and disclose significant data breaches within 72 hours. Failure to fully comply could result in fines of up to €20 million (more than $23 million) or 4% of the company’s worldwide annual revenue of the prior financial year. In other words, breaking the law could come with some serious consequences...

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