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How GDPR Affects the Largest Business Around the World

What is GDPR?

Data protection regulations are often seen as something that’s rather confusing or problematic. However, their main purpose is to make sure that both businesses and individuals are using the personal data of others correctly, whilst making sure that their own data is not being misused. In this way, data protection regulations protect us from malevolent or fraudulent uses of our confidential information.

How does GDPR fit into all of this? The abbreviation GDPR stands for General Data Protection Regulation. It’s an EU regulation that aims to standardize the data protection methods of each of its member states, ensuring that the same laws are applied in all its constituent countries. The purpose is to provide EU citizens more power and visibility into which pieces of personal information organizations hold on them, along with how and where this data is used. Accessibility to this information is expected to give such citizens increased protection against the misuse of their personal data by other organizations.

Within the GDPR, the list of things that can constitute “personal data” is rather large and includes pretty much anything that can be used directly or indirectly to identify a specific individual. Such things include:

Some of the things on this list might be surprising, others are self-explanatory. But the general commonality is that any of these points can be used to identify a specific person, and they’re all therefore considered “personal data”.

The GDPR came into force on the 25th May 2018 and has been up and running ever since. According to research from Betipy, it applies to all organizations either registered within the EU or with a subsidiary in the EU, as well as any international organizations that either sell products and services to EU residents or process their personal data in any way. Any organizations found in breach of EU GDPR can face fines up to a substantial €20,000,000 or 4% of the company’s global turnover.

 

How Does GDPR Affect Large Businesses?

The GDPR will have a significant effect on large businesses that have a sizeable workforce. There are numerous rules, processes, and restrictions included in the GDPR, which businesses will have to comply with if they’re to avoid breaching the regulations and being charged a hefty fine.

The first step for a large business is to make themselves aware of the GDPR rules, regulations and timeline. Without a thorough understanding of the regulations, businesses run the risk of having missed something critical within their processes and procedures, which could lead to the breach of vital regulations.

After making themselves aware of the GDPR, there are several key rules and processes that must be accommodated within the businesses policies. Businesses must…

This list makes it clear that GDPR has a significant effect on how businesses operate. Many businesses and commentators considered it an extremely serious topic leading up to its rollout in May 2018, as demonstrated by this BBC article from 2017 (1) titled “Could new data laws end up bankrupting your company?”. The title alone demonstrates the level of concern that was given to these radical new data protection laws. As a result of this wide-spread fear, lots of preparation went into the roll-out of these new regulations, and GDPR has now become an established and accepted element of day-to-day business within the EU.

References

 

Guest post courtesy of Angelina Murphy

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