GDPR Law – Renovating The Data Privacy Standards of Business
After the implementation of the European General Data Protection Regulation (GDPR) in May 2018, a noticeable transformation changed data privacy specifications in every business house around the globe. New privacy policies and terms of service have presented a clear understanding of how users’ data is collected, stored and used by businesses. GDPR 2018 has elevated the data protection act and has reworked the old standards. Implementing compliance to GDPR is a challenging task for businesses, but there is no way of escaping it.
Defining GDPR In A Simpler Way
GDPR emerged to give back control of personal data to the user and require organizations in Europe and its member-states to comply with a stronger data protection law. GDPR brings a new set of laws and obligations that revolve around data privacy, personal data and consent to develop an environment that best suits the present digital age.
Has GDPR Only Influenced The Organizations Under EU?
The GDPR was passed by European Parliament, but it has its influence on almost every leading corporation existing in other parts of the world. The rule behind it is intelligible; hence, the organizations gathering the personal data of any EU citizen, provided the citizen is residing in EU member states when data is collected, must comply with GDPR. Companies must be watchful and ensure they are complying with the new legislation.
US-based companies conducting business in EU member states should also be GDPR compliant, as the EU is very serious about enacting the new data protection law. They have made it very clear to organizations about the necessary changes and they hope to bring uniformity in data and privacy law worldwide.
Data Privacy Types Under EU GDPR
- Primary identification data like name, address, ID number and more
- Genetic and medical data
- Ethnic data
- Biometric data
- Sexual orientation
- Political perspectives
Highlighting the GDPR Pivotal Rules
Within the past few years, data breaching has been widespread; therefore, immediate changes were done to create a protected atmosphere to deal with data. Below are some crucial rules of the data protection act:
1. Consumers will have more control over their personal information. As per the EU GDPR, you have the following rights with respect to your data:
- Ability to access your data being stored by the company
- Right to know where and how your data is used
- Data portability to transfer your data to other service
- Getting your data erased and cease its processing as per the ‘right to be forgotten’ process
2. Consumers have the right to know immediately about any breach to their data and act instantly to avert the data from being misused. Organizations must notify the data protection authorities within 72 hours of breach.
3. Conditions of consent are also one of the main focus areas of GDPR. The data protection law toughens the consent procedure by forcing companies not to use ambiguous or unclear statements. Companies have to follow the rule of consent/opt-in for a single purpose. Withdrawal of consent should also be a simple tasks for consumers.
What Comes Under GDPR Penalties?
There are of course weighty GDPR fines that organizations must pay if they are in breach of GDPR laws. The penalties range from 2%-4% of annual global turnover or €20 million (whichever is greater). Companies having global revenues in billions could suffer a big loss, if they are within breach.
Organization’s Responsibilities In Compliance With GDPR
Firms have to provide proper GDPR training to employees and also assign responsibilities to ensure compliance. Roles like data protection officer, data controller and data processor should be carefully assigned within the company.
Breaches like unauthorized exposure or access, loss, modification, accidental or illegal destruction, is expected to get a break after the application of EU GDPR. Both, by the fear of potential big fines or to avoid the unease of losing business within the EU region, companies must be GDPR compliant, and there is no way to make a break for it