GDPR, or General Data Protection Regulation, is a data protection and privacy law throughout Europe. Now, that does not mean that the US does not have concerns over these regulations. Any business where personal data is transferred within Europe is included in this regulation. Meaning, any organization that does business within the European Union, including supply chain and trade.
According to Danny Palmer of ZDNet, “Under the terms of GDPR, not only do organizations have to ensure the personal data is gathered legally and under strict conditions, but those who collect and manage it are obligated to protect it from misuse and exploitation, as well as the respect the rights of data owners – or face penalties for not doing so”.
Despite the rise of the COVID19 pandemic, organizations not only are still getting fined, but the percentage of fines have risen 39%. According to Infosecurity author Phil Muncaster, “The International law firm (DLA Piper) said that [$192M] in fines was imposed since January 28, 2020, a 39% increase on the previous 20-month period since the law came into force in May 2018”.
For all corporations that manage sensitive data, knowing the guidelines to data protection regulation can save them from punishments and fines. Look to a company like CCG with a Data Governance framework which enables you to manage data privacy and security alongside data quality, program management, metadata management, and information architecture. Get started in 6 weeks with our RapidDG program. Click to learn more.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.
