General Data Protection Regulation
The EU's General Data Protection Regulation will be in force on 25.May 2018.
The GDPR modernizes data protection laws and individual privacy rights for the first time in 20 years. Current national laws are based on a directive from 1995. With the increased digitization of our world and its privacy implications, the importance of modernizing privacy regulations to protect citizens has become imperative.
GDPR was agreed upon in 2016 after four years of debate. It was given a two-year implementation period to give organizations time to prepare for compliance. GDPR is directly applicable to all EU member states as well as anyone who have commerce or otherwise processes data on individuals from the EU.
The GDPR applies broadly, to organizations of all sizes and types, including large and small businesses and public authorities. The GDPR also has broad territorial application and could apply to your organization even if you are processing personal data outside of the EU or are processing personal data of non-EU residents. Specifically, the GDPR applies to:
The processing of anyone’s personal data where that processing is done in the context of the activities of an organization established in the EU regardless of where the processing actually takes place.
The processing of personal data of individuals in the EU by an organization established outside the EU, where that processing relates to the offering of goods or services to those individuals or to the monitoring of their behavior.
GDPR represents an important step forward for individual privacy rights. And these stronger protections are supported by stronger enforcement powers and the potential for significant fines for non-compliance.
The GDPR is a complex regulation that may require significant changes in how organizations collect, process, and manage data. Our consultants has a long history of helping our customers comply with complex regulations.
Paratum supports its customers with products and services to help make their compliance easier.