The EU has released the EU General Data Protection Regulation (GDPR), which went into force on May 25th, 2018.
The EU General Data Protection Regulation (GDPR) replaces the Data Protection Directive 95/46/EC and is designed to:
- Harmonise data privacy laws across Europe,
- Protect and empower all EU citizens data privacy
- Reshape the way organisations across the region approach data privacy.
In short, the new regulations were created to empower EU citizens when it comes to data privacy and sharing. Companies are now facing much stricter rules on what data they're allowed to store and what they can do with the stored data. This is all now back in the consumers' hands to choose what their data is being used for and to have rights over it. Though the regulations were mainly intended to target global technology conglomerates, ensuring they didn't use your data in ways you hadn't explicitly consented to, the GDPR still applies to businesses of any size.
Strict regulatory guidelines are now in place for data protection with significant fines for those companies not adhering to the protection and security of their customer data.
GDPR is taken very seriously at SmartTrade with the principles and policies in place.