In today’s modern society, the rapid rate of technological innovation and globalisation have had a dramatic impact upon the privacy rights of individual users.
New General Data Protection Regulations (GDPR) will come into effect on 25 May 2018 to address these issues. These reforms will strengthen the privacy rights of online users as well as to boost Europe’s digital economy.
The primary objectives of GDPR are listed as follows:
- To strengthen and unify data protection or all individuals within the European Union (EU).
- To give citizens and residents more control over the sharing of their personal data.
- To simplify the regulatory environment for international business by unifying data protection
regulations within the EU.
Although the GDPR was primarily designed to protect the privacy rights of individuals users, its
implementation will have a significant impact upon the ways in which all companies, both large corporations and small businesses, process the data of European residents.
Under this new legislation, independent national data protection authorities will be strengthened so that they are better equipped to enforce the GDPR in their respective countries. If these authorities find that a business is operating outside of the strict data protection compliance regime of the GDPR, they could face fines of up to €20,000,000 or 4% of their worldwide turnover.
It is crucial that all UK businesses become familiar with the terms and conditions of the GDPR and that they implement sufficient data protection measures before this new legislation comes into full effect on 25 May 2018. Failing to do so could result in substantial financial losses and incalculable damage to a company’s worldwide brand reputation.