The GDPR, or General Data Protection Regulation, is a set of rules introduced by the European Union in 2018 to protect the privacy and personal data of EU citizens. It not only applies to organizations located within the EU but also to organizations outside of the EU if they offer goods or services to, or monitor the behavior of, EU data subjects. It is the most important change in data privacy regulation in 20 years.
Under GDPR, organizations must ensure that personal data is gathered legally and under strict conditions, and those who collect and manage it are obligated to protect it from misuse and exploitation. If data breaches occur, they must be reported within 72 hours to a data protection authority. Violating GDPR can result in hefty fines, up to 4% of a company's annual global turnover or €20 million, whichever is higher.
GDPR stands for General Data Protection Regulation.
GDPR applies to any organization operating within the EU, as well as any organizations outside of the EU which offer goods or services to customers or businesses in the EU.
Any information related to a natural person or ‘Data Subject’, that can be used to directly or indirectly identify the person. It can be anything from a name, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer IP address.
Common software tools that can help with GDPR compliance include data mapping tools, data discovery tools, data removal tools, and encryption software.
The GDPR not only protects the privacy rights of individuals, but it also has benefits for businesses. It can help build trust with customers, improve company reputation, and even lead to better data management.
In conclusion, GDPR is a critical regulation that has a significant impact on how companies handle and protect personal data. Understanding and complying with this regulation is not only a legal necessity but also a way to build trust and respect with customers.