What is GDPR?
We have all heard talks about GDPR. But some of you might still have questions about what it really is. In this blog post, we are going to explain shortly what GDPR is all about. Later, in our future posts, you will be able to learn more about it.
General Data Protection Regulation is a European privacy regulation that is going to be implemented on May 25, 2018, across the entire EU and EEA region.
Why do we need it?
GDPR will provide citizens with better control over their personal data and giving them certainty that their information is being protected. They will have an insight to how their data is used, and they will know who has access to their data. Every gathering of data by companies will be possible only if an individual has been informed about it.
To implement GDPR, companies should constantly invest in their technology to improve their security against cyber-attacks, rapidly detect and respond to malicious threats, and minimize security risks.
GDPR will give people more power over their personal data. On the other hand, it will decrease the power of some organizations who collect and use such data for monetary gain. Even though GDPR does create challenges and efforts for companies, it also creates opportunities.
Will it be difficult for companies to adjust to these requirements?
For many companies it will probably be difficult. However, they will have to adjust because EU has set up very tough penalties for all those companies that do not comply – a fine of 20 million euros.