What is GDPR?
Information treated as a great power in today’s world. Every company creates a separate rule to protect the data of customers for Business use. Customers/clients also like to feel great if their data is protected. For ensuring complete protection of general people data European Union parliament has established an effective act, this is called GDPR. The full form of GDPR is General Data Protection Regulation. The act is adopted by EU Parliament on April 2016. It ensures the complete protection of data of all citizens under the European Union. This new rule basically replaces the previous rule of 1995.
But this is also true that the rule was not confirmed at the very beginning. The rule was adopted on 27 April 2016. It becomes enforceable from 25 May 2018. The transition period was two years.
GDPR ensures the completion of total protection of data in case foreign companies which are operating in EU. At the same time, this is also true that non-EU companies are also in the coverage of the same regulation.
It has also a direct impact on the digital economy where customer data are protected on the base of digital consumer right.
The general picture of customer data protection:
According to RSA Data Privacy & Security report RSA surveyed 7,500 consumers in France, Germany, Italy, UK, US & found that 80% of the customers lost their cards & financial data. But only 76 % of the customers are concern about losing these important data. It means that most of the customers even are not sure that their data is fully protected or we can say they are not sure that how they may get the data back if they lost their important data. Another interesting part of the story is that only 62% of these customers said that they will sue a company if their data is not properly protected. Rest of the customers are not even bothered about this.
This is also found that only 41% of the customers said that they do not even like to provide accurate data in the digital world due to facing unwanted Marketing & risk of losing data.
What kind of data are covered in GDPR?
Now the question comes to this act covers which & what type of information to protect. Generally, this act covers the following types of information :
1) Basic identity like name, address, Id number
2) Web data like location, cookie & RFID Tags
3) Health & genetic data
4) Biometrically related data
5) Political opinions
What type of companies is under coverage of GDPR?
Now the question comes what type of companies will be considered under coverage of GDPR. Actually the following criteria
1) Presence I EU country
2) Nonpresence in EU country but association EU residents
3) A firm which has more than 250 officials
4) A firm which has less than 250 officials but has an association with sensitive personal data
Deadline for following the compliance:
Companies under the coverage of this regulation must conform to use these implications by May 25, 2018.
Which officials will be responsible for this compliance?
Actually, data controller, data processor & data protection officer, these 3 types of officials will be responsible for ensuring the complete utilization of this regulation.
If we go more details about the role of the officials then data controller is the person who actually ensures to keep the data security for use of external uses. Data processor officials actually manage & processes & prepare the data for the right use.
Other hand data protection officer ensures that data are not used by any unauthorized sources for any improper use. This is true that many firms are involved in executing any service or campaign. So the act ensures that data are not used in noncompliance way. It means that both the company & it’s partner organizations are not using the data for any improper use. Data are not sold or handed over to any external organization or party for their commercial use.
How much does it cost to set GDPR rule?
According to a recent survey, it is found that 68% of the US-based companies expect to spend 1 million dollars to 10 million dollars to meet the GDPR requirements. Other hands around 9 percent expect to spend more than 10 million dollars for ensuring right preparation.