What is the General Data Protection Regulation (GDPR)?
GDPR is an acronym for the General Data Protection Regulation. GDPR is a set of new data protection regulations aimed at harmonizing data protection laws throughout the EU’s 28 member states. GDPR establishes new rules for the handling and management of personally identifiable information (PII). GDPR enlarges personal data protection and rights, redistributing power to EU residents.
GDPR will take the place of the 1995 EU Data Protection Directive and will take effect on May 25, 2018. Additionally, it is intended to replace the UK’s 1998 Data Protection Act.
The regulation includes many critical provisions, including breach notifications, opt-in consent, higher penalties, and accountability for data transfers beyond the EU’s authority. As a result, companies bear a disproportionate amount of accountability, which will have an impact on how they acquire, keep, and utilize consumer data.
The GDPR was implemented to regulate and restrict the access and freedom that the internet and cloud provided businesses with to develop various methods of exploiting and abusing people’s data. Another reason is that the EU wanted to explain, standardize, and prescribe to organizations and enterprises the modus operandi of the data use legal environment, which is anticipated to save firms €2.3 billion yearly.
What does this mean for you?
When GDPR takes effect, citizens of the EU will have total control over how companies and organizations use personal data.
Organizations and companies that violate laws or have data breaches may face severe fines.
It harmonizes data protection regulations throughout the EU, and as long as you reside in one of the EU member states, the GDPR applies to all parties involved in the collection, storage, and use or abuse of your data, regardless of their location outside the EU.
Data protection regulations give you more control over your information; you may request access to your data at regular intervals, and businesses that retain your data must comply within a month.
GDPR requires businesses that collect, keep, and utilize your information to explain in clear terms how they acquire, use, and handle your data. As a consequence, you will have complete control over how your information is used and who sees it. If your information is incomplete or incorrect, you may request that it be rectified.