Why should Singapore SMEs care about EU's General Data Protection Regulation?

ORGANISATIONS all over the world have been scrambling to prepare for the European Union (EU) General Data Protection Regulation (GDPR), which came into force on May 25. Many multinational corporations, with sufficient resources to create a robust data security framework, would have started preparing their organisations months in advance to ensure they are GDPR compliant.

Indeed, the GDPR is affecting millions of companies worldwide, requiring any business that captures, stores or processes the personal data of EU residents to comply with the GDPR. This also includes small and medium-sized enterprises (SMEs) in Singapore.

It doesn't concern me, does it?