The GDPR continues to affect any company that collects and stores personal data of EU residents and this updated legislation will change how we use technology, manage customer information and conduct business.
The General Data Protection Regulation (GDPR) is a new piece of legislation that will unify data privacy laws across Europe.
The GDPR will affect any company that collects and stores personal data of EU residents, and this updated legislation will change how we use technology, manage customer information and conduct business.
What is the GDPR? and why was it created?
The General Data Protection Regulation (GDPR) is a new piece of legislation that will unify data privacy laws across Europe.
The GDPR was created in response to the increasing number of data breaches and cyber attacks, and it will give individuals more control over their personal data.
The GDPR will also establish new rights for individuals, such as the right to be forgotten and the right to data portability.
The GDPR was created in response to the increasing number of data breaches and cyber attacks.
In 2017, there were more than 2,500 reported data breaches in Europe, and these breaches resulted in the loss of millions of euros.
How will GDPR affect businesses?
The GDPR will affect any company that collects and stores personal data of EU residents, and this updated legislation will change how we use technology, manage customer information and conduct business.
What changes will be made to how we use technology ?
The GDPR has stricter requirements for ensuring appropriate consent and transparency, and there is a greater focus on data security and breach notification.
As a result of the GDPR, companies will need to conduct impact assessments for high-risk processing activities.
Companies will be required to appoint data protection officers (DPOs) if they are involved in large-scale systematic monitoring of individuals or process large scale information on sensitive topics such as health or ethnicity.
What are the new rights under GDPR?
GDPR gives individuals more control over their personal data, but this includes increased responsibilities for businesses that store customer information. Corporations must build systems for retaining proof of compliance with the GDPR policies within company records to demonstrate that you have followed the guidelines.
How will customer information be managed ?
GDPR will prohibit companies from transferring personal data to countries outside the EU unless they ensure an adequate level of protection. This means that many businesses may need to implement new policies and procedures, such as model contract clauses or binding corporate rules (BCRs), in order to transfer information.
What are the fines for non-compliance?
The GDPR has two tiers of fines: lower level fines for minor offences and higher level penalties for more serious violations. Fines vary by country but can go up to €20 million or 4 per cent of global annual turnover (whichever is greater).
What are some of the consequences for not complying with the GDPR ?
Companies not in compliance with GDPR, could face higher costs associated with data breaches, lost customer trust and loss of business. Non-compliance may also result in the company losing customer loyalty and market share.
What can businesses do to become compliant?
Businesses should conduct a risk assessment on how they process personal data and whether or not certain practices are consistent with the GDPR. If you are unsure, you should consult a legal expert to better understand your responsibilities under this new regulation.