LEGAL
TERMS
A Comprehensive Guide to GDPR
EU's General Data Protection Regulation (GDPR) is a sweeping piece of legislation protecting personal information since it comes into force on May 25, 2018. With the imposition of stringent limits on the collection, processing, storage, and use of personal data, GDPR seeks to protect the personal data and privacy of EU people.
Information on an identified or identifiable natural person (a "data subject") is considered personal data under the General Data Protection Regulation (GDPR). This might be everything from a person's name and address to their email and phone numbers and even their IP address.
Fundamental GDPR Concepts
Many fundamental ideas underpin the General Data Protection Regulation's approach to data management:
- The processing of personal information must be done so in a way that is legitimate, fair, and transparent.
- Data should only be gathered for clear and lawful purposes, and then processed in a way that is consistent with those original goals.
- Data reduction entails collecting only the minimum amount of data needed to fulfill the stated purpose(s).
Accuracy: It is imperative that all personal information be correct and, if required, regularly updated.
Data subjects should only be identifiable by the data controller for as long as is necessary in light of the purposes for which the data is processed (the "storage limitation").
Personal information must be handled with utmost care to preserve its privacy and prevent unauthorized access, disclosure, copying, use, or modification.
Responsibility: Data controllers must take ownership of these principles and be able to provide evidence of having implemented them.
- Data Subjects' Rights Under GDPR
- In addition, the GDPR provides subjects with rights, such as:
- People have a right to be informed about the collection, processing, and use of any personal information that may pertain to them.
- People have the right to access their personal data and learn more about the processing of such data.
- A person has the right to request that incorrect information about them be rectified.
- Under some circumstances, individuals have the "right to be forgotten," or the "right to erasure," of their personal data.
- People have the right to request that their personal data be restricted from being processed in certain scenarios.
- People have the right to obtain and transmit their personal data to another controller in a structured, frequently used, and machine-readable manner.
- People have the right to object when their personal information is being used for certain reasons, such as direct marketing.
- People have the right not to have a decision made about them that has legal repercussions or significantly affects them based exclusively on automated processing, including profiling.
- Consequences of Infractions
Penalties for noncompliance with GDPR requirements can be severe for businesses. For the worst infractions, a punishment of up to €20 million or 4% of a company's annual global turnover, whichever is bigger, is possible. Fines for minor offenses can reach €10 million (or 2% of annual global turnover, whichever is greater).
In conclusion
General Data Protection Regulation (GDPR) is not an investment term but rather a critical legislation that businesses must meet while handling the personal data of EU residents. To safeguard user privacy and avoid the steep fines for noncompliance, businesses should be familiar with their obligations under GDPR.
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