Companies around the globe are impacted by the landmark EU legislation, the General Data Protection Regulation (GDPR) which comes into force on May 25, 2018. While there is tremendous focus on the steep fines, the risks associated with reputational damage due to the inappropriate management of personal data is much greater. Trust is the fuel behind the digital economy. Done right, GDPR will help companies to strengthen trust and transparency with its clients.
The GDPR modernises and replaces the existing EU Data Protection Directive (95/46/EC), adopted in 1995. Under the GDPR, individuals across Europe will have enhanced rights, including the right to have their data deleted, as well as rights around data portability. The bar has also been raised around consent, which will need to be unambiguous, freely given, and an affirmative action.
One of the aims of the GDPR is to give control of personal data back to the individual, while simultaneously promoting greater corporate accountability and transparency. There is now increasing demand from consumers worldwide that organisations take stronger measures to secure and protect their personal data.