General Data Protection Regulation (GDPR) – How to comply?
The General Data Protection Regulation is a set of rules and regulations around information privacy, which has significantly changed the way consumer data is handled, stored and protected. In 2018, GDPR came into force in Europe after years of preparation and modernized the data protection laws.
GDPR is the toughest privacy and security law in the world. Though it was drafted and passed by the European Union (EU), it imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the EU.
The purpose of the General Data Protection Regulation is to systematize data privacy laws in the member states of the EU. The GDPR doesn’t overhaul previous legislation or legal principles in place but builds on them to introduce changes appropriate for the current needs of consumers.
The GDPR greatly affects the stakeholder engagement practices in many ways. The procedure of storing and recording using personal data is crucial to managing stakeholders and consultation records. Now the GDPR regulates to what extent, and how this process can be continued. Individuals have the right to request a copy of all the data that is stored on them and ask for modifications or complete removal of their data.
The General Data Protection Regulation clauses will affect:
- Data handling
- Security measures
- Withdrawal of consent
- Lawful basis of processing
Without compliance, businesses can leave themselves vulnerable to breaching and violating laws. The fines for violating the GDPR are very high. There are two tiers of penalties, which max out at €20 million or 4% of global revenue (whichever is higher), plus data subjects have the right to seek compensation for damages.
Implementation and practice of legal changes can take time and cost a business dearly. General Data Protection Regulation compliance is critical to good risk management and should be prioritized.
We have a free eBook to provide expertise guidance to help you plan your next steps. Included in the eBook is a checklist to help you ensure you don’t forget anything when it comes to being GDPR prepared.