In 2018, the European Union (EU) passed the General Data Protection Regulation (GDPR) to control the acquisition, storage, and use of personal data. It is regarded as one of the strictest data privacy regulations in the world and has far-reaching repercussions for businesses of all kinds and locations. This article will explain what GDPR is, why it is significant, and how to ensure compliance.
What exactly is GDPR?
The General Data Protection Policy (GDPR) is an EU regulation on data protection and privacy for all persons in the European Union and European Economic Area. It supersedes the Data Protection Directive of 1995, which was not designed to address the emerging issues of the digital era. By granting EU people greater control over their personal data, the GDPR enhances and modernises data protection.
Why is GDPR Important?
GDPR is significant because it marks a significant transformation in how corporations gather, handle, and keep personal data. It grants individuals greater control over their personal information and puts severe penalties on corporations that fail to comply. Organizations that handle personal information must now be more proactive in preserving the privacy and security of this information.
Key GDPR Requirements
The primary GDPR criteria include:
- Obtaining individuals’ express consent to gather and handle their personal data
- Ensuring that personal information is accurate, current, and retained for no longer than is required
- Providing access to personal information and the opportunity to seek its deletion
- Implementing adequate technological and organisational safeguards for data protection
- Notifying people and the appropriate authorities when a data breach occurs
Assuring Compliance with the General Data Protection Regulation
To guarantee GDPR compliance, enterprises must create a risk-based data protection strategy. This entails identifying the risks posed by storing personal data and implementing the relevant safeguards. Additionally, organizations must establish a Data Protection Officer (DPO) to manage their efforts to comply with the GDPR. The DPO is responsible for ensuring compliance with all applicable rules and regulations, as well as providing personnel with training and direction.
Consequences for Noncompliance
GDPR violations can result in fines of up to 4% of a company’s annual global revenue or €20 million, whichever is larger. Noncompliance can result in reputational harm and a loss of confidence from customers, partners, and other stakeholders, in addition to financial fines.
Conclusion
The General Data Protection Regulation (GDPR) marks a significant transformation in how corporations gather, handle, and retain personal data. It is crucial that enterprises of all sizes comprehend the GDPR’s obligations and take the appropriate actions to comply. By adopting a risk-based strategy to data protection and hiring a Data Protection Officer (DPO), companies may reduce the risks presented by storing personal data and safeguard the privacy and security of their customers and other stakeholders.
