As we all know that the Internet has dramatically transformed the way we communicate and the way we handle everyday tasks. We send emails; documents are shared from one spot of the world to the other and we pay bills online. The whole life is surrounded by how well we are connected to the web. But have you ever stopped once and realize how much of the personal data you have shared online?
Have you wondered what will ever happen with all your personal information that you put it up for viewing?
Read more information here is about the banking information, contacts, addresses, personal social media posts, and the different IP addresses. All this information is being stored digitally. Hence, whenever you hear that companies tell you they are collecting the information to keep you safe and serve your better, drop it then and there and read on if they have an alliance with GDPR.
Now, what is GDPR?
GDPR is a European privacy regulation that has been enforced in May 2018 and it has permanently changed the face of information collected and how you use the consumer’s information and data. Do you know something shocking? Dell and Dimension Research found that more than 80 percent of the business in the world didn’t know about GDPR. Every IT company should make their organization GDPR compliant.
What is the hype about GDPR?
Well, it is not hype but this is a new European privacy regulation that came into effect on May 25th, 2018. GDPR is a General Data Protection Regulation. This has been implemented in all the local privacy laws across the entire EU and EEA region. This applies to all the companies who are selling and selling to and storing personal information about European citizens. This can include the companies of other continents. It now means that the citizens have better control over the personal data that is being shared online. This personal data could mean anything like the photo, email address, bank details, checking in details on social media platforms, computer IP address or medical information.
A GDPR directive says that personal information can be about anything related to a person such as a name, photo, email address, bank details, updates, etc. There is no particular distinction about the individuals in their private, public, work roles, etc.
Here are the 8 basic rights of GDPR
Individuals have the right to access. This means they can have the right to request their data and ask how their data is being manipulated or used by the company. The company must oblige their requests.
They have the right to be forgotten. This means that if they chose not to be the customers of a particular company, the company should delete all the data they have collected from the individual.
The right to data portability deals with the right to transfer the data from one service provider to another. This happens in a machine-readable format.
The right to be informed- it deals with any gathering of data by companies and the individuals must be informed about it.
The right to have the information corrected- This ensures that the individuals to have the data updated and if it is incorrect.
The right to restrict any processing- they can request their data to be used for any processing. They can refrain from it.
The right to object- this should particular include the right of individuals where they can stop the processing of their data for any direct marketing, they can also ask to be made clear about any such process at the start of communication.
The right to be notified- the individual has the right to be notified if there was any data breach. The individual has the right to be informed and this should be done within 72 hours of the incident.
What are the business implications of the GDPR?
This means that the new data regulation puts the customer first and then all the organizations should follow the regulations. There are penalties if the company is not complying with the GDPR. The fines are heavy and they can be around 4 percent of the global revenue or 20 million euros.
Europe is taking GDPR very seriously. If your organization has any relation with EU/EEA individuals then you are complied to follow GDPR. British Airways and Marriott International are now facing heavy fines for not complying with the new regulation earlier. They should also appoint a data protection officer for the GDPR compliance of their company.
Hence, the business implications of GDPR are pretty serious and it is better if your organization is providing compliance to join GDPR. No matter whatever policies come and go, companies will still look at new ways to collect the consumer’s information. Read more to understand better about GDPR.