WHAT IS GDPR AND WHAT DOES IT STAND FOR?
GDPR stands for General Data Protection Regulation also referred to as Regulation (EU) 2016/679. GDPR replaces the existing protection directive that was introduced in 1995 and has been created by the European Parliament, the Council of the European Union and the European Commission to strengthen and unify data protection for all residents of the European Union.
Additionally, GDPR addresses data protection rules for personal data export outside of the European Union. It also enforces EU data protection laws to guide foreign organisations that process personal data pertaining to residents of the European Union.
WHEN DOES GDPR COME INTO EFFECT?
GDPR was approved by the European parliament in April 2016. After a two-year transition period, GDPR will be in force for all organisations that handle the data of EU residents from the 25th of May 2018.
WHAT IS THE PURPOSE OF GDPR?
The primary purpose of GDPR is to define standardised data protection laws for all member countries across the European Union.
GDPR will:
- Increase privacy and extend data rights for EU residents.
- Help EU residents understand personal data use.
- Address the export of personal data outside of the EU.
- Give regulatory authorities greater powers to take action against organisations that breach the new data protection regulations.
- Simplify the regulatory environment for international business by unifying data protection regulations within the European Union.
- Require every new business process that uses personal data to abide by the GDPR data protection regulations and Privacy by Design rule.