The General Data Protection Regulation (GDPR) is a regulation in European Union (EU) law that governs the processing and handling of personal data. It is designed to give individuals more control over their personal data and ensure that businesses protect that data.
What Does It Mean?
- Personal Data Protection: GDPR ensures that businesses take strict measures to protect personal data, including data such as names, email addresses, and financial information.
- Data Subject Rights: Under GDPR, individuals have rights to access, correct, or delete their data. They can also request how their data is being used.
- Compliance Requirement: Businesses must comply with GDPR if they process personal data of EU residents, regardless of where the business is located.
Why Is It Important?
- Increased Control: GDPR gives individuals more power and control over how their personal data is used and stored.
- Stronger Privacy Protections: It provides stronger privacy protections for users and ensures that data is handled responsibly by organizations.
- Compliance is Critical: Businesses that fail to comply with GDPR can face severe penalties, including fines up to 4% of their annual global revenue.