General Data Protection Regulation (GDPR) – What Is GDPR, And When Does It Apply To Your Business?
The internet has had a profound impact on how we interact and carry out our daily activities. The amount of personal data you’ve shared online can surprise you. So, what happens to the data?
Companies claim they gather this data to better serve you, send you more focused and relevant messages, and improve your customer experience. But is that truly what they do with the data they collect?
When the EU pondered this topic, it came up with the GDPR law, which came into operation in May 2018 and fundamentally altered the way that businesses acquire, store, and utilize customer data.
What Is GDPR?
The acronym GDPR refers to the EU’s General Data Protection Regulation (GDPR).
The General Data Protection Regulation (GDPR) is a legislative framework that establishes principles for the collecting and disclosure of personal data from EU citizens (EU). Regardless of where a website is located, it must abide by the Regulation regardless of whether or not it specifically markets products or services to EU citizens.
The General Data Protection Regulation (GDPR) implies that people of the EU and the EEA now have more privacy rights and assurance that their data is secured throughout Europe. The GDPR dictates that EU visitors get a variety of data disclosures.
As defined by the General Data Protection Regulation (GDPR), personal data includes any information that may be used to identify or contact an individual, including but not limited to: a person’s name and contact information, a photo or an email address, financial account information or status updates on online communities.
When it comes to personal data on people in their private, public, or professional lives, there is no distinction – they are all the same.
The 8 Fundamental Rights Of GDPR
Individuals are granted the following rights as a result of the GDPR:
- The right to access
- The right to be forgotten
- The right to data portability
- The right to be informed
- The right to have the information corrected
- The right to restrict processing
- The right to object
- The right to be notified
As part of its effort to give people greater control over their personal data and less authority to corporations that collect it and exploit it for financial advantage, the EU has implemented the General Data Protection Regulation (GDPR).
What Does The GDPR Imply For Businesses?
For businesses operating in EU member states, the GDPR sets one legislation and one set of requirements. Organizations located outside of Europe but engaged in activities on “European soil” are subject to the legislation’s requirements even if their offices are located outside of Europe.
Businesses are hoping that GDPR will simplify data protection laws for them. They will have more opportunities to innovate due to the legislators’ efforts to harmonize the EU’s data protection standards. From the beginning of product and process innovation, regulations ensure that data confidentiality protections are built-in, ensuring security protocols by default in emerging technologies.
According to the European Commission, having a dedicated supervisory authority for the whole EU will make doing business in the area easier and less expensive. The Commission says that GDPR will save Europe €2.3 billion annually.
We live in an age where data is a precious commodity.
While GDPR presents businesses with obstacles and pain, it also offers opportunities.
To create and maintain customer loyalty, businesses must demonstrate a commitment to privacy protection, be open and honest about how they utilize customer data, and strive to improve their methods of data management.