GDPR - What does it mean?
With every company going mad over GDPR what does it actually mean?
You might of seen all those emails flying into your inbox from every company you have ever used... and some you might not have!
Well, for a start it stands for General Data Protection Regulation. This is a legal framework that sets guidelines for the 'collection' and 'processing' of personal information of individuals within the European Union (EU). The GDPR sets out the principles for data management and the rights of the individual, while also imposing fines that can be revenue-based.
When does this happen?
On the 25th May 2018 GDPR will come into effect.
Who has to comply?
Any company, big or small must comply with the new regulations regarding the secure collection, storage and usage of personal information. Whats more... violations will be met with fines!
So why has this regulation been brought in?
The two central objectives of GDPR are: 1) give citizens and residents back control of their personal data and 2) simplify the regulatory environment for international business by unifying the regulation within the EU.
And how does Brexit come into this?
UK business will still have to comply with new regulations if the data they handle is about EU citizens, or has the potential to identify individuals within the EU. What’s more, digital minister Matt Hancock has confirmed that the UK will replace the 1988 Data Protection Act (DPA) with legislation that mirrors the GDPR post-Brexit.
A bit more in depth...
GDPR was first adopted in April 2016 which is an addition to the European Unions policy of protecting citizens data. In addition to the legal and financial ramifications for misuse, companies must now obtain consent to use your data and let you know if there has been any hack or breach of such information.
It is expected that companies will begin to reduce the amount of your data collected and stored to a minimum requirement for any transaction, although this is not guaranteed.
It matters in different ways if you are an individual or a business.
If you are an individual, GDPR means businesses have to follow tougher rules in how they store and process your personal information.
If, however, you are a business, you need to be the one making decisions and changes to how you are storing any personal data from your customers or even suppliers (EU Citizens).
With tons of GDPR blogs out there you are not short on information, it seems to be the next buzzword (right behind BREXIT). The hard part is finding the information that is most relevant to you. We hope this has been useful but do checkout some other blogs as you are sure to find something applicable to you.