The General Data Protection Regulation (GDPR)
The General Data Protection Regulation is a comprehensive data privacy regulation that came into effect on May 25, 2018, in the European Union (EU) and the European Economic Area (EEA). The regulation aims to enhance the protection of personal data for EU citizens by providing them with greater control over their data and imposing stricter rules on the organizations that handle their data.
The GDPR applies to any organization that collects or processes personal data of EU citizens, regardless of whether the organization is based within or outside the EU. It sets out the rights of individuals, including the right to access their data, the right to have their data corrected or deleted, and the right to know how their data is being used. The regulation also mandates that organizations must obtain explicit consent from individuals before collecting or processing their data.
In addition, the GDPR imposes a number of obligations on organizations that handle personal data, including the requirement to appoint a Data Protection Officer (DPO) and to implement technical and organizational measures to ensure the security and privacy of personal data. Organizations must also report any data breaches to the relevant data protection authority within 72 hours.
The GDPR has had a significant impact on businesses around the world, as many organizations have had to review and update their data privacy policies and practices to ensure compliance with the new regulation. Non-compliance with the GDPR can result in significant fines, with penalties of up to €20 million or 4% of a company’s global annual revenue, whichever is higher.
While the GDPR is an EU regulation, its impact is felt around the world as organizations that collect or process the data of EU citizens must comply with the regulation. The GDPR has been hailed as a major step forward in protecting the privacy rights of individuals and has set a new standard for data privacy regulation globally.