GDPR (General Data Protection Regulation) is something you have probably seen on the news, websites and all over social media, so I thought I would explain the basics and how this could affect you as an individual and a business.
GDPR comes into effect 25th May 2018 and is the biggest change in data protection laws in the last 20 years.
What is GDPR?
It is a new set of rules by the European Commission regarding the privacy and security of personal data.
The new single data protection act will replace the Data Protection Directive from 1995.
What is the point of the new laws?
This has been designed so that individuals are given the power back regarding how their data is processed and used. Individuals have ‘the right to be forgotten’ under these new rules, meaning they can request a company to remove their data if is no longer necessary or accurate.
What impact with this have on my business?
This can mean large fines for business that don’t comply with the new laws that will be implemented. This is because data breaches have become increasingly common in recent years.
Information Commissioner’s Officer in UK have recently released a set of guidelines to help business prepare for GDPR. This is a useful article that will prepare you for the changes that are going to be coming in soon.
How much is this going to cost?
To comply with the new standards, fines will be higher than previous years – reaching up to 4% of annual worldwide turnover from the preceding financial year, or 20 million euros (whichever is the greater) – for serious breaches of GDPR principles.
And some good news……..
The ICO insisted these new measures will contain many of the same concepts and principles as in the current Data Protection Act, which means if you already successfully abiding by the 1995 legislation you will probably be covered.
For further information pop along to https://www.ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/
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