What is GDPR (General Data Protection Regulation)?
GDPR (General Data Protection Regulation) is a regulation that was introduced by the European Union in May 2018 to strengthen and unify data protection for all individuals within the EU. The aim of this regulation is to give people more control over their personal information while also ensuring that businesses are held accountable for how they process and handle this information.
The GDPR applies to any company, regardless of its location, that processes or stores personal data belonging to EU residents. It gives individuals the right to know what information companies hold about them, as well as the right to have it deleted or corrected if necessary. Companies must also notify authorities within 72 hours of discovering any breaches that may compromise individuals’ personal data.
In addition, under the GDPR regulations, companies must obtain explicit consent from individuals before collecting their data and are required to provide clear explanations for why they need it. Non-compliance can result in hefty fines of up to €20 million or 4% of a company’s global annual revenue – whichever is greater.
How does GDPR affect businesses?
GDPR has far-reaching implications for businesses both inside and outside of the EU. For instance, an American e-commerce firm could be impacted if even just one person living in Europe purchases something from their website since their data would fall under this new regime.
To comply with these regulations requires significant changes on how companies collect and store customer/employee data; there’s now a pressing need for businesses around the globe because customers are seeking privacy assurances when conducting business online due especially after many high-profile hacking cases been reported recently
How does GDPR benefit consumers?
The main advantage of GDPR rules for consumer translates into better control over their own personal information alongside the transparency of how these data are being used, while companies have a greater responsibility to implement security measures and adhere to compliance checks than ever before. Ultimately, since it is regulation enforced by law, consumers can be confident in the knowledge that businesses which they interact with must comply by strict regulations for their own protection.
Privacy now drives many purchasing habits and philosophies. Consumers are much more aware of how their personal information is being processed and will choose solutions or providers accordingly. GDPR puts some basis into whose hands consumer data ends up in but also provides reassurance," we’re taking care."