What Is GDPR?
GDPR stands for General Data Protection Regulation; it is going to regulate personal data of EU citizens, which means collecting or processing any information that we can use to identify a person.
GDPR will enable:
– strengthening the rights of individuals over their own data
– making organizations accountable
– ensuring equal protection of EU human rights
Who Does GDPR Applies To?
It applies to all data controllers or data processors that are offering goods or services to the people in the European Union. This includes the monitoring of their behavior if their behavior takes place within the Union.
The companies, not located in EU, that do business with clients or companies from EU must comply with GDPR.
Data Controller is a company or an organization that collects and controls the data, makes decisions about what happens with it and how to use it.
Data Processor is a company or an organization that works for and processes data on behalf of a data controller. A data controller decides the purpose and the manner in which to process the data. Data processors hold and process data; they do not have any responsibility or control over that data.
How Does GDPR Affect Individuals?
Under GDPR Data subjects have the right to:
– Know what is going to be done with their data
– Have copies of all the data about them
– Get incorrect data corrected
– Have their data erased or forgotten
– Restrict processing
– Data portability
– Object to data being processed
– Not be subject to automated processing
What If You Don’t Comply?
Companies that choose to ignore GDPR by not complying with it are going to pay high fines.
The companies who don’t comply with core principles or data subject rights are going to pay administrative fines (20 million Euros or 4% of their annual turnover).
The companies who fail to comply data controller responsibilities are going to pay administrative fines (10 million Euros or 2% of annual turnover).
Apart from material damage, these companies can risk losing their partners’ and customers’ trust.