What is The General Data Protection Regulation?
The biggest leap in user data protection is the new General Data Protection Regulation (GDPR) that will go into effect on May 25th and here’s everything you need to know about it.
We’re all familiar with privacy policies as everyone has encountered them on either Facebook, Google, Apple, etc. User data and how its usage is now in the spotlight again and is causing a lot of companies to update their current policies. The most significant leap is the new General Data Protection Regulation (GDPR) that will go into effect on May 25th and here’s everything you need to know about it.
What is the GDPR?
The General Data Protection Regulation, passed by the European Union, is a rule that sets new standards for how organizations will manage and share personal data. It would be easy to dismiss this as something that only effects EU citizens, however, due to the global nature of the internet, a lot of companies have already started making changes for US users.
What Do These Rules Do?
Any time a company collects someone’s data, the company will need explicit and informed consent from that user. Companies must also provide users with a way to revoke that consent and request all the data a company has on them as a means to verify that consent.
Are There Penalties?
Yes, and they are severe! The maximum fine per violation is 4 percent of a company’s global turnover or $20 million (whichever is larger).
Will the US Adopt the General Data Protection Regulation?
As stated earlier, a lot of companies are already making these changes to comply globally because the penalties could financially ruin smaller entities. Whether or not the US will either borrow or completely adopt the standards is still up in the air, but it would not be surprising to see these same rules put into effect in the US in about two years.
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