0- What is GDPR?
-The General Data Protection Regulation is a law, that is meant to protect the privacy of an Individual belonging to the European Union. GDPR enhances the powers of regulatory authorities to take actions against businesses that breach the new laws/rights related to individual data privacy.
- So what’s this got to do with us? It is a European Law...
- Good question! It also law applies to non-European companies that process personal data of Individuals in the EU. Also, the international transfer of data remains to be governed under EU GDPR laws. Therefore, we need to comply with GDPR as long as we do business with the European Union.
- So, what happens if we ignore GDPR?
- Ignoring any law bring forth ramifications. In this case, it could be in the form of penalty (among other things). Penalties can go up to 4% of a company’s global revenue or 20 million Euros – whichever is higher!
- What kind of personal data is protected under GDPR?
- Any personal identifier that could be used to identify an individual; such as genetic, mental, physical, cultural, economic, social identifiers are protected under GDPR (Examples: Simple data such as first and last names, email addresses, phone numbers and high-risk data such as medical data, financial statements etc.)
