Today, we live in the information age and data is one of the most vital assets owned by organizations. The various organizations across the globe collect, record, and store the data pertaining to their customers, patrons and even, the prospective customers.
While most of the companies ensure that they use data to improve their customer service, but, there have been many instances where such data has been misused by the organizations. This calls for strict data protection laws and regulations which can help in safeguarding personal and financial information of people and preventing it from getting misused.
One such data protection regulation is “GDPR”. GDPR (General Data Protection Regulation) was introduced by the European Commission in January 2012 as a data protection reform across the European Union. GDPR applies to the organizations in all the member states and it has implications for individuals and businesses across Europe and beyond.
What is GDPR?
GDPR is a set of rules and regulations which aims at simplifying the regulatory environment for businesses while giving the people more control over their data. GDPR has been designed in a way that both, businesses as well as individuals can optimally benefit from the emerging digital economy.