A lot of fuss is going around regarding the latest update set to be released on May 25th 2018. Therefore, we have thrown light on whether or not GDPR updates will affect you.
But before that;
What is GDPR?
If you look around now you will find that almost every facet of our being revolves around data. From social media accounts, to banks, retailers, and governments virtually all the services we use capture and analyze your personal data.
This may include your name, phone, address, credit card number and other critical info to be collected for analysis and eventually stored by the organization.
The European Union Commission saw this coming early and thus started with the Data Protection Directive in 1995 with the idea to make Europe well prepared for the digital era. It included the basic standards for processing an individual’s information / data in EU.
And, GDPR is an updated reform of the original plan.
General Data Protection Regulation (GDPR) is a set of rules created by the European Commission to empower the rights of the individuals in the digital age.
It is created to ease the governing situation for business so that both individuals and businesses in the European Union can reap fruits of the digital era.
The modifications are made keeping in mind the digital and literal world we are living in now. Therefore, it is encircled with laws and regulations to make sure no inclinations are made. The laws are made regarding:
- private data,
- privacy and consent – crosswise Europe
- up to speed for the internet-linked era.
What is GDPR Compliance?
No matter how much care is taken unfortunately “Data Breaches” do occur. Because of this individual’s data gets lost, stolen or mishandled by the hands of people who were supposedly not permitted to access it.
Thus, as per GDPR compliance, the organizations will have to secure the collection of personal data legally and under firm conditions.
Furthermore, it will be the responsibility of those who collect and manage the data to protect it from being altered and exploited. It’s also their responsibility to respect the rights of data owners. If not done so the data collectors and managers can face severe penalties as a punishment.
What organizations come under GDPR?
GDPR complies to any organization operating within or outside the European Union which offers goods or services to individuals or businesses in the EU.
This means that in due course just about every foremost organization in the world will need to be GDPR-ready. And must do their due homework regarding the GDPR compliance.
While it will be affecting all the organizations, but those companies which hold and process large amount of individual data i.e. tech organizations, marketers and the data brokers who connect them will be affected the most.
Is this worldwide?
As of now GDPR applies only to the EU. But considering the market gauge many companies are deciding to use its terms on a global level.
What does GDPR mean for businesses?
GDPR launches “one law” with single set of rules across the whole of European continent. Therefore the companies running business within EU member states have to abide by them.
Furthermore, it is clear from the above that the scope of the legislation outspreads the borders of Europe itself. This is because…
…International Organizations which are based outside the continent but wish to or are in professional capacity on ‘European land’ will have to comply with GDPR.
What does GDPR mean for consumers/citizens?
The unfortunate reality of an individual’s digital world is data breach. It can be an email hack, or a social account hack, or confidential reports being mishandled. As individuals we all have been there.
Therefore, the GDPR.
The most important reformation that GDPR brings with itself is to protect a consumer’s data. This is accomplished by giving him the rights to know where the data has been hacked.
For this it will be essential for the organizations to alert the concerned authorities as soon as possible. So as to enable EU citizens to take suitable actions to save their data from being mistreated.
Recent Updates to GDPR
To read the recent updates to GDPR please follow the link: https://www.eugdpr.org/key-changes.html
Summary
If you are a part of EU or are in business capacity within the region then carry out all the necessary valuations. And be GDPR compliant coming 25th May 2018 or you may risk falling back on the new updates.
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