Approved by the European Parliament and Council in April, the General Data Protection Regulation (GDPR) is now a reality. The regulation, which supplants the Data Protection Directive, gives consumers within the European Union more protection and control over their personal data. In addition to applying to businesses operating within the EU’s 28 member states, it affects any company that provides goods or services to individuals within the bloc. And with the international nature of the internet, this means that most online services are affected. Here are the key aspects of the new sweeping regulation, which became enforceable on May 25th.
Non-compliance with the new regulation will carry significant fines. A company that breaches the GDPR laws will be accessed the larger of two penalties: up to four percent of annual global turnover or 20 million euros ($24.6 million). The new policy stipulates that individuals must be informed of any breach pertaining to their data within 72 hours. Considering how long it took for large data breaches by Yahoo, eBay, and Equifax to be exposed, one can see the potential cost of violating the GDPR’s rules.
Effect on Digital Marketing
The status quo of relying on data collection with few restrictions will change for those doing business within the EU. But the magnitude of the GDPR’s implementation will depend on how engaged people become in taking advantage of the new regulation. If a large percentage of online users decide to withhold consent to use of their data, request an accounting of how their personal information is being used, or delete their data from websites, it will have a major impact on online marketers.
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