The phrase “data is the new gold” couldn’t be more true than it is now. We’ve talked and heard lots of things about the upcoming data protection policy changes over the past few years. Finally, the time has come. Starting from May 25, 2018, the General Data Protection Regulation (GDPR) comes into power, which will have a serious impact on the way that companies deal with the data of their employees and customers.
The adoption of the GDPR means strengthening the European privacy protection policy. It applies to both EU and non-EU processors of personal information. For instance, if an Asia- or US-based organizations want to conduct ecommerce in the European Union (which presupposes processing some amount of personal data like names, credit card information, address), the GDPR is applicable to it as well as to all EU-based companies. Furthermore, it applies irrespective of whether or not a payment is required, as with most of Google’s services, Instagram, and Facebook.
What is GDPR?
GDPR is a law that aimed to improve the protection of rights of the EU data residents by regulating what organizations that process personal data must do to keep this data secure. It replaces current legislation regarding data privacy in countries of the European Union. However, unlike the today’s legislation, GDPR is far more precise and detailed in certain areas, and considers the rise of data privacy risks as well as all other challenges in the rapidly evolving digital community.