Privacy Compliance under General Data Protection Rules
GDPR or General Data Protection Regulation is a regulation promoted by the European Commission to strengthen and unify data protection for individuals within EU. Since it also addresses the “Export” of personal data outside EU, it is being observed as an emerging standard for Privacy protection across the globe.
The regulation was adopted on 27th April 2016 and is slated to apply from 25th May 2018 after a two year transition period.
The GDPR regime has an ambitious objective of extending the EU data protection law to all foreign companies processing data of EU residents and imposing severe penalties upto 4% of worldwide turnover for non compliance.
The high penalty regime proposed by EU has attracted attention of the global community and a decent attempt is likely to be made for compliance to the GDPR regulations by all global players. However it is unlikely that the high penalty regime would not by itself trigger a barrier to the adoption of GDPR and the global community would prefer a Privacy Protection regime outside the GDPR framework.
The developments need to be watched.
Visit GDPR Knowledge Center at www.gdpr.ind.in for details of the regulations