“This blog is for those entrepreneurs and startups who want to know what is GDPR and some basic information about it. Here, we have covered important information related to GDPR that you should know.”
Have you heard about the term GDPR?
Did you search for GDPR definition?
The term GDPR stands for General Data Protection Regulation that is all set to go into effect on the 25th May 2018 across the entirety of the European Union. The regulation will change the entire way businesses worldwide process and store client and employee information.
In simple terms, GDPR is the EU’s (European Union) primary data-governance regulation that requires businesses to protect the personal information, data, and privacy of EU citizens for transactions which occur within EU member states.
All the companies, which are collecting data and information of citizens in the European Union (EU) countries, will need to comply with strict new rules across protecting customer data by May 25. Moreover, GDPR will set a new standard for consumer rights regarding their data. And companies will be tested as they put systems and processes in place to comply. The compliance of this regulation can cause some concerns and new expectations of security teams.
Now, the companies need the same level of protection for things like an individual’s IP Address or Cookie Data as they do for Name, Address, and Social Security Number. As it is the most forward-leading privacy regime that fines up to 4% of global revenue or €20 million, breaching the GDPR is a risk that a lot of companies and enterprises may not be able to afford.
But how real is the public concern over privacy? It is important, and it grows with every new high-profile data breach. According to the RSA Data Privacy & Security Report, RSA surveyed 7500 consumers in France, Germany, Italy, the U.K. and the U.S., 80% of consumers said that they are concerned about the lost banking and financial data. Lost security information and identity information was named as the most concerned about 76% of the respondents.
Different Types of Privacy Data That Protected by the GDPR
- Basic identity information like name, ID numbers and address
- Web data like IP address, cookie data, location and RFID tags
- Biometric Data
- Political Opinions
- Health and Genetic Data
- Sexual Orientation
- Racial Data
Which Companies Will Be Affected by the GDPR?
All those companies that are storing and processing personal information or data about EU citizens within EU states must comply with the GDPR. Even, if they do not have a business presence within EU, but collecting personal data or information of EU citizens, they need to comply with the GDPR. Here are some of the specific principles for companies that require complying with GDPR:
- A company that presents in the EU country.
- A company that is not present in EU, but it processes personal data and information or European residents.
- A company that has more than 250 employees.
- A company that has fewer than 250 employees, but its data-processing impacts the rights and freedom of data subjects, is not occasional or comprises different types of sensitive data. It means almost all the companies. According to the latest survey by PwC, 92 percent of U.S. companies consider GDPR as a topmost data protection priority.
The new survey report by Propeller Insights and sponsored by Netsparker Ltd., asked executives that which industries will be most affected by the GDPR, and most (53 percent) says that the technology sector will be the most impacted followed by online retailers (45 percent), software companies (44 percent), financial services (37 percent), online services/SaaS (34 percent), and retail packed goods (33 percent).
Some of the biggest cloud service providers like Microsoft Azure and Amazon have already declared GDPR compliance. Here, we as a leading mobile app development company are also declaring the GDPR compliance across all our mobile app development and cloud services. There is no need to be afraid of the new European policy as it is only about being prepared and implementing important things in a right time.
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