Everyone is talking about the General Data Protection Regulation, also known as GDPR, but do you know exactly what it means? How it will impact individuals and companies? Or better yet, how to prepare for it?
What is GDPR?
GDPR is a set of regulations designed to give individuals in the European Union (EU) more control over their personal data. It enforces strict new rules on controlling and processing personally identifiable information (PII). These regulations also extend the protection of personal data and data protection rights by giving control back to the people of the EU.
What is considered personal data under the GDPR?
Personal data under the GDPR is defined to include personally identifiable data points like name and email address, as well as less precise data points like cookies, device IDs (MAIDs), and IP address.
When is GDPR happening?
Beginning May 25 2018, the EU’s General Data Protection Regulation will bring about the greatest change to European data security in 20 years.
What companies are impacted by GDPR?
GDPR applies to all companies and organizations established in the EU, regardless of whether the data processing takes place in the EU or not. Even non-EU established companies will be subject to GDPR. If your company is collecting data on individuals in Europe, then it’s subject to GDPR.
Why does GDPR matter to a company?
There are penalties for those companies who don’t comply with GDPR. Those fines are defined as up to 4% of annual global revenue or 20 million Euros, whichever is greater.
Throtle and GDPR
GDPR validates what Throtle has said from day one: data is the most valuable asset in today’s digital world. And while GDPR does create certain challenges for companies, it also creates opportunity.
Domestic companies should use best practices to comply with the GDPR regulations, i.e. scrubbing all data and domains so they are free of any EU data, having data suppliers verify they are not collecting EU data and clearly posting privacy and GDPR policies on their sites.
Companies like Throtle, who show they value an individual’s privacy, are transparent about data usage and the management of customer data, build deeper trust with their clients.
For more information about the EU GDPR please visit https://www.eugdpr.org/