Starting May 25, companies that collect data from citizens in European Union (EU) countries will need to comply with rules to protect their data. With new concerns and expectations, companies will need to take on a new level of protection for cookie data, individual’s IP address, and other information. Below, we will go over what GDPR (General Data Protection Regulation) is and how you can protect yourself from ramifications.
What is GDPR?
GDPR, or General Data Protection Regulation was adopted by the European Parliament in April 2016. This policy protects the personal data and privacy of EU citizens and also regulates the exportation of personal data outside the EU. Due to constant and multiple data breaches, this policy was put in to place due to concern over privacy and data of EU citizens. The GDPR replaces the Data Protection Directive, which originally went into effect in 1995. Because of its time of release, which comes at a time when the internet wasn’t as predominant as an online business hub, this policy became outdated. The GDPR ensures that companies are gathering personal data legally and under more strict conditions, leading to the possibility of those who don’t comply to face penalties and fines. One of the biggest changes GDPR will provide for consumers is the right for them to know when their data has been hacked.
What will the GDPR Protect?
The main goal of the GDPR is to protect individual’s information. The types of privacy data this will protect includes:
- Name, address, and ID numbers
- Web data, including location, IP address, RFID tags, and cookie data
- Health data
- Racial/ethnic data
- Sexual orientation
- Political opinions
- Biometric data
GDPR Applies to You If..
- Your company has a presence in an EU Country
- Your company has personal data of European residents
- Your company has more than 250 employees
- Your company’s data-processing impacts the rights and freedoms of data subjects
Avoid Penalty, Make Sure You Are Prepared
The new GDPR policy allows for penalties that can range “up to €20 million, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher.” If you do end up being fined, you will not be alone. According to a report from Ovum, approximately 52% of companies will be fined for non-compliance. Tasks such as, conducting a risk assessment, creating a data protection plan, testing incident response plans, and creating a plan to report your compliance report will go a long way to protecting you from future incidents.
Don’t prone yourself to unnecessary fines, consult with your legal team for the best possible plan to become GDPR compliant.
To Get More Info about GDPR or to better prepare yourself, view this article from CSO.
