GDPR (General Data Protection Regulation) : Is your company Ready ?
GDPR(General Data Protection Regulation) word comes to your mind from the recent controversy of Facebook. GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. And non-compliance could cost companies dearly.
The European Parliament adopted the GDPR in April 2016, replacing an outdated data protection directive from 1995. It carries provisions that require businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. The GDPR also regulates the exportation of personal data outside the EU.
GDPR is a sweeping data protection law that not only affects European businesses but all organizations handling the personal data of EU citizens.
The GDPR leaves much to interpretation. It says that companies must provide a “reasonable” level of protection for personal data, for example, but does not define what constitutes “reasonable.” This gives the GDPR governing body a lot of leeway when it comes to assessing fines for data breaches and non-compliance.
Types of privacy data does the GDPR protect?
The European Parliament adopted the GDPR in April 2016, replacing an outdated data protection directive from 1995. It carries provisions that require businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. The GDPR also regulates the exportation of personal data outside the EU.
GDPR is a sweeping data protection law that not only affects European businesses but all organizations handling the personal data of EU citizens.
The GDPR leaves much to interpretation. It says that companies must provide a “reasonable” level of protection for personal data, for example, but does not define what constitutes “reasonable.” This gives the GDPR governing body a lot of leeway when it comes to assessing fines for data breaches and non-compliance.
Types of privacy data does the GDPR protect?
- Biometric data
- Health and genetic data
- Political opinions
- Sexual orientation
- Basic identity information such as name, address and ID numbers
- Web data such as location, IP address, cookie data and RFID tags
- Racial or ethnic data
Affected companies :
- More than 250 employees.
- A presence in an EU country.
- No presence in the EU, but it processes personal data of European residents.
- Fewer than 250 employees but its data-processing impacts the rights and freedoms of data subjects.
GDPR preparation cost :
According to the PwC survey, 68 percent of U.S.-based companies expect to spend $1 million to $10 million to meet GDPR requirements. Another 9 percent expect to spend more than $10 million.
Hire or consult with compliance experts who can interpret critical elements you must know.
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