Why Should Business Leaders Understand GDPR?

The General Data Protection Regulation (GDPR) is a regulation of the European Union (EU) that came into effect on May 25, 2018. It aims to strengthen and harmonize data protection for all individuals within the EU. The GDPR applies to all companies that process personal data of EU citizens, regardless of where the company is based.?

The GDPR provides European citizens with certain rights regarding their personal data, including the right to access and correct their data, the right to have it erased (also known as the right to be forgotten), the right to limit how it is processed.

GDPR has seven principles, which are as follows :

1. Lawfulness : Gather and process data on a legal basis, be transparent and act in the user’s best interest.
2. Purpose Limitation : Gather and process personal data for the purpose it was intended for.
3. Data Minimization: Only gather and keep the exact amount of data that is needed to deliver the service.
4. Accuracy: Keep the personal data accurate and up-to-date.
5. Storage Limitations : Don’t store personal data you do not need anymore.
6. Integrity and Confidentiality : Give access to only those people who are processing the data
7. Accountability: If you are processing data of EU residents, you are responsible for complying with GDPR

Who should comply?

The law applies to any business? that collects or processes personal data from any person in the European Union.

How to comply?

To comply with the General Data Protection Regulation (GDPR), a company should:

1. Appoint a Data Protection Officer to manage GDPR compliance
2. Assess and address potential risks to individuals' data
3. Implement secure controls for processing personal data
4. Update privacy policies to match GDPR requirements
5. Provide information about data protection rights
6. Include privacy in all data processing activities
7. Have procedures for detecting, reporting, and responding to data breaches.

What happens if you don’t comply?

For non-compliance, the penalties range up to 4% of a company’s global turnover (which could be more than tens of millions of dollars). Google has been fined multiple times for violations of the General Data Protection Regulation (GDPR) since the regulation came into effect in 2018.

One of the most significant fines was imposed by the French data protection authority in January 2019. The authority fined Google 50 million euros for violating GDPR provisions related to transparent information and user control over personal data.

Where to find more info?

https://ec.europa.eu/info/law/law-topic/data-protection is the official website for GDPR.