Digital advancements have resulted in consumer data being created, collected and stored within seconds. It is increasingly important to have clear laws and safeguards in place given the growing digital economy and associated cyber security risk.
In May 2018, the new European Union General Data Protection Regulation (GDPR) came into force across Europe - the legislation applies in each of the 28 EU Member States.
This new legal framework is the most monumental change to data privacy legislation in over twenty years and will affect businesses across the globe. Any company that holds or processes the data of an EU citizen is potentially affected with potential fines for non-compliance up to €20m or 4% of annual global turnover.
Any company, anywhere in the world that processes an EU based consumers' personal data will need to comply with the new requirements.
Understanding the changes to the existing process under the new rules is paramount.