The General Data Protection Regulation (GDPR) –codified as Regulation (EU) 2016/679 – is an important law concerning the protection of data of all people living in the European Union (EU). Through the GDPR regulation; all the legislative and secretarial bodies of the EU, namely the European Parliament, the Council of the European Union and the European Commission, fortify and toughen and unify all aspects of data protection for all individuals within the European Union (EU).
Another area that is addressed by the GDPR is the export of personal data to regions outside the EU. The core purposes for which the GDPR is enacted are twofold:
- Giving control back to citizens and residents over their personal data
- Simplifying the regulatory environment and bringing about uniformity and unity in data protection regulations across the EU to facilitate the ease of doing global business within the EU.
The GDPR will be the new law without requiring members to endorse it
The GDPR came into effect when the European Commission adapted the proposal for its creation on January 25, 2012. When the GDPR comes into effect and becomes enforceable from 25 May 2018 after a two-year transition period after being adopted on 27 April 2016; it will replace the data protection directive that has been in use in the EU from 1995: Directive 95/46/EC.
The all-powerful nature of this regulation can be gauged from the fact that it does not require legislative support from any of the EU members. It straightaway becomes law and will be directly binding and applicable from the date of its enforcement.
Benefits of the new legislation
The GDPR will come with many advantages:
- It will offer greater and clearer insight into Personally Identifiable Information (PII) processing within the company
- It will boost security controls and unify these across the 27 EU members
- It brings about increased customer confidence, since there are stronger safeguards for data protection
- It will relax the process of doing business in the EU
Drawbacks of the GDPR for companies that want to do business in the EU
While the primary objective of the GDPR is smoothing the laws for allowing global businesses in the bloc; it comes at a rather expensive price tag: If companies fail to comply with the GDPR provisions on data protection, they end up coughing up two percent of their worldwide revenues in penalties!
These are some of the other pain areas of the GDPR:
- Provisions stipulate fines of up to € 20 million
- Inviting a host of complicated lawsuits
- Loss of reputation
- A host of liability cases
These facts about the GDPR make it necessary for companies in any line of business that want to gain access to the huge EU market to get a complete and clear grasp of the nuances of this new legislation. This is absolutely necessary if they have to avoid the consequences of noncompliance.
Get to understand the ways of the GDPR
This is the learning that a webinar from Compliance4All, a leading provider of professional trainings for all the areas of regulatory compliance, will be offering. Derk Yntema, who has over 15 years of experience in ICT and security-management and has demonstrated capacity to implement innovative security programs that drive awareness towards information security and strengthen organizations and proven knowledge of privacy legislation and helping companies towards privacy compliance, will be the speaker at this session.
To get a full and proper understanding of the GDPR and how it affects your business, please register for this webinar by visiting Security Controls up to level
At this webinar, which will be of very high value to professionals such as Board of Directors, Supervisory Board, CxO’s and Compliance Managers/Officers; Derk will cover the following areas:
- What is Privacy?
- How to Protect Privacy
- What is PII?
- What is in the GDPR (General Data Protection Regulation)
- How to Comply.