For many, April 14th will go down in history as the day the world (well, Europe anyway) woke up and realized the importance of privacy laws designed for the 21st Century.
A directive intended to regulate the movement of personal data within the European Union and is part of the EU privacy and human rights law.
It repeals Directive 95/46/EC and is intended to form a single, encompassing data protection law across all EU member states. The regulation is a replacement for the 1995 directive, EU Data Protection Directive, which was penned when the internet was in its infancy and cloud based data was a pipedream.
The main focus of the directive is around a person’s right to have control over their personal data. Now, companies will no longer be able to brush Data Protection issues under the carpet. If they do, they are liable for astronomical fines.
Organizations not in compliance can be liable for up to 4% of their global revenue or €20 million / £15.8 million / $22.6 million. It all depends on which number is greater.
In a nutshell, all EU member states. This raises an interesting question over in the UK with the ‘Brexit’ poll only 10 weeks away. Even if the UK departs the EU, it is expected to align its own DP policies with the GDPR.
As for the rest of the world. Well, if you trade in the EU zone you will be expected to comply with the regulations – which very likely many are not.
This has far wider implications globally. All multi-nationals and even SMB organizations that trade with the EU will be affected. Therefore, if you want the EU as a trade partner, you need to take serious note of the GDPR.
STEALTHbits offers data access governance solutions that allow organizations of all sizes to obtain insight into who has access to sensitive data, appropriately limit that access, and remediate potentially stale data. These are the critical questions organizations need to answer to be in compliance with this new legislation.
If you want to peruse the full 261 page legislation, here is a link to the full document: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CONSIL:ST_5419_2016_INIT&from=EN
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