EU's New Privacy Law Protection

Are you ready for the EU's new privacy regulation?

The European Union's General Data Protection Regulation is going to have a global impact – for all companies wanting to trade in the EU.

By Paul Rummery, Securenet Consulting

European Commission's General Data Protection Regulation, which is up for a final regulatory vote today, and if passed would result in massive fines for non-compliance.

The rules would be enforced starting two years.

Regulators, after performing privacy audits, can penalize a business up to Euro 20 million or 4% of annual revenue, whichever is more.

Businesses will be required to only store personal data if people opt-in, honor requests for personal data erasure, keep track of personal data in auditable ways, provide breach notifications within 72 hours, and make all personal data portable. It's a replacement for the 1995 Data Protection Directive, and applies to all companies conducting business in Europe, regardless of where the companies are based.

credit: techrepublic.com

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