The General Data Protection Regulation (GDPR) is a set of regulations that protects the personal data of EU citizens. It also covers how companies must process and store this information. The GDPR will come into force on May 25, 2018. You might be wondering what GDPR is, and if your business will be affected by it. If so, read on to get informed about the implications of GDPR on your company and its users. We’ll explain what you need to know about GDPR, why it matters to you as an organization, and how you can prepare for it as an individual.
What is GDPR?
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GDPR stands for General Data Protection Regulation. It’s a regulation from the EU that will come into force on May 25, 2018, and affect how businesses around the world handle the personal data of EU citizens. GDPR is intended to protect EU citizens’ privacy and help them take control of their data. It applies to all EU citizens’ data, regardless of where it’s stored. It also applies to people outside the EU if their data is processed in the EU. GDPR is a set of regulations about personal data, privacy, and its use in businesses. It’s a set of rules that applies to every company that processes the data of EU citizens. It will replace the Data Protection Act of 1998 in the UK and become enforceable law on May 25, 2018.
Why does GDPR matter to businesses?
The GDPR has been designed to give EU citizens control over their data. This is something that wasn’t possible in the past, when data was stored and processed on paper. While paper records could be destroyed and re-used, data stored electronically can’t be erased. This means that every computer and device that holds data can potentially preserve it forever. GDPR is designed to put a stop to this. It’s intended to protect people’s privacy by putting firm rules in place for how businesses can handle their data. GDPR also sets out rules for how businesses must store data so that it can be retrieved quickly when necessary. Businesses must comply with GDPR if they process the data of EU citizens. GDPR doesn’t apply to data related to employees. It only applies to individuals who aren’t employed by the organization. If you have customers or clients that reside in the EU, you’ll have to comply with GDPR.
How will GDPR affect individuals?
GDPR is designed to protect the personal data of EU citizens. This data can be anything that can identify a person, such as their name and address, an online identifier, or a combination of identifiers. GDPR is designed to put a stop to companies collecting data they don’t absolutely need. It also means organizations are responsible for the data they collect and must be transparent about their data collection practices. This means that, in certain circumstances, organizations must get your permission before they can collect and process your data. If they don’t have permission, they can’t collect your data. GDPR also gives you certain rights in relation to your data. You have the right to access it and see what information businesses have collected about you. You can request that a business rectify inaccurate data and delete data that isn’t needed. You can also request that organizations stop collecting data from you.
What does it mean for businesses?
If you’re a company that collects or processes the data of EU citizens, you must comply with GDPR. If you don’t, you could face hefty fines. There are different GDPR fines for different types of violations. Violations that are reported as unintentional but still violate the regulation are subject to lower fines. Those that are reported as intentional are subject to higher fines. GDPR fines depend on the type of violation. For example, the maximum fine for not deleting data that’s no longer needed is €10 million or 2% of annual global turnover. The maximum fine for not getting consent to process data is €20 million or 4% of annual global turnover. The maximum fine for not documenting how you’re handling data is €10 million or 2% of annual global turnover.
How to prepare for the EU’s GDPR?
The GDPR sets out rigorous standards for how businesses can collect, store, and use the data of EU citizens. If you have customers or clients that reside in the EU, you must comply with GDPR. This means that you must be transparent about how you collect and use their data. It also means that you must get their explicit consent before collecting and processing their data. In some cases, you might have to delete data that you’ve collected from EU citizens if you don’t need it. You must also ensure that your organization’s methods for collecting, storing, and using data are compliant with GDPR. If you’re not sure that your current methods meet GDPR standards, consider engaging a data privacy expert. A data privacy expert can help you identify what changes to make to your data collection and storage methods.