A recent announcement of Europian Union(EU) about General data protection regulation(GDPR) policies have put a lot of companies that collect data on citizens in European Union (EU) countries into the terrible pickle.
What is GDPR?
GDPR policies are a set of new strict rules that revolve around protecting customer data. This has been a debatable topic in EU for quite a long time and after four years of discussions and debates, EU Parliament finally approved it on 14th April 2016. GDPR is expected to set a different level of standard for consumer rights for the protection of the personal data and privacy of EU citizens for transactions that occur within EU member states. It will be a big challenge for companies as they will have to put systems and processes in place to comply.
Date of enforcement of GDPR: 25 May 2018 - Organisations if not complying with these policies, GDPR may cost them an arm and a leg.
Companies are running out of time to meet the deadline, so every business which holds personal data of citizens of Europian Union needs to know about the GDPR and must comply with it before its too late. Apart from this, those business platforms which has been planned to launch in EU will also have to cater this and only then they are in the safe zone. Many of the requirements do not relate to information security directly, but the changes in system and processes needed to comply could affect existing security systems and protocols.
Earlier, the reports say that majority of citizens were not happy with the way their company dealt with their personal data and this lack of trust let the consumers take their own countermeasures. Consumers these days are becoming more informed and hence expect a higher level of transparency with regards to their personal data.
Data Protection Directive 95/46/EC was the policy followed by EU since 1995, which has been replaced by General Data Protection Policy which focuses on harmonizing the data privacy laws across Europe and will definitely reform the way companies look at data privacy right now which in turn will empower and build more trust in the Europian citizens.