General Data Protection Regulation – The Global Standard
What is it?
The General Data Protection Regulation (“GDPR”) is a regulation that came into force on May 25, 2018 on consumer data protection and privacy for all individuals within the European Union (“EU”). However, though the Regulation was introduced by the EU, it can apply to any individual or corporation who processes “personal data” regardless of their location.
The GDPR Regulation should be taken seriously as it is designed to help consumers gain a greater level of control over their data, while offering more transparency throughout the process.
Factors to think about to be GDPR Compliant
The GDPR Regulation is a lengthy and complex document that took over 4 years of negotiation to establish. Therefore, using a general perspective, the basic factors that an individual or corporation should be thinking about to be GDPR compliant are listed below:
Consequences for Non-Compliance
There are two tiers of fines that can be used as penalties for non-compliance:
The GDPR is an important piece of regulation that affects global corporations and individuals. When you intend to obtain “personal data” keep in mind the factors above and ensure that your corporation is GDPR compliant to limit any further consequences.
Vikas Chadha is a member of the BLG Business Venture Clinic, and is a 2nd year student at the Faculty of Law, University of Calgary
Blog posts are by students at the Business Venture Clinic. Student bios appear under each post.