EU's GDPR: New Data Rules, Big Fines Near Finalization
The European Commission, Parliament, and Council are nearing the conclusion of talks on the General Data Protection Regulation (GDPR). Set to be finalised this December, the GDPR aims to unify data protection compliance across EU member states. It introduces stringent rules for handling personal data, with significant penalties for non-compliance.
The GDPR defines personal data broadly, encompassing any information relating to an individual's life, from email addresses to medical records. Organizations must prioritise data protection and privacy, implementing 'data protection by design' and 'data privacy by default'. This involves designing data storage facilities with robust security measures and clear access rules. Upon request, individuals can demand the suppression or deletion of their personal data.
The GDPR will impact data collection, storage, and handling practices. It introduces harsh penalties for non-compliance, with fines reaching up to €100 million or 5% of worldwide turnover, whichever is greater. Organizations must ensure they have mechanisms to authenticate access to sensitive information. The GDPR also allows for data transfer and storage outside the EU under certain legal mechanisms, such as binding corporate rules (BCRs). It will drive a stronger focus on data breach notifications and dedicated data security measures.
The GDPR, set to be implemented two years after its conclusion, will significantly reshape how organizations handle personal data. With wide-ranging implications and severe penalties for non-compliance, businesses must prepare for these changes to ensure they protect the privacy and security of their users' personal data.
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