It all depends on whether you store or use personal data on European citizens. That goes, whether those citizens are customers, prospects or employees. If you have European employees, you probably store their names, addresses and bank information. Data like that is considered personal data in the eyes of the European Commission and you need to implement parts of the regulation, for instance, employees must give consent to the use of their data and have rights such as the right to rectification and you need to be able to document all of this to authorities.