European union's new data protection law

You're referring to the General Data Protection Regulation (GDPR)!

The General Data Protection Regulation (GDPR) is a new data protection law in the European Union (EU) that came into effect on May 25, 2018. It replaces the Data Protection Directive 95/46/EC and aims to strengthen the protection of individuals' personal data within the EU.

Here are some key aspects of the GDPR:

Scope:

• Applies to all organizations that process personal data of EU residents, regardless of where the organization is located.
• Covers both online and offline data processing.

Key Principles:

• Transparency: Data subjects have the right to be informed about the collection and use of their personal data.
• Consent: Data subjects must give explicit consent for the collection and use of their personal data.
• Purpose Limitation: Personal data can only be collected and used for specified, explicit, and legitimate purposes.
• Data Minimization: Personal data should only be collected and processed to the extent necessary for the specified purpose.
• Accuracy: Personal data must be accurate and up-to-date.
• Storage Limitation: Personal data should not be stored for longer than necessary for the specified purpose.
• Integrity and Confidentiality: Personal data must be protected from unauthorized access, disclosure, or destruction.

Rights of Data Subjects:

• Right to Access: Data subjects have the right to access their personal data.
• Right to Rectification: Data subjects have the right to rectify their personal data.
• Right to Erasure: Data subjects have the right to erasure (right to be forgotten).
• Right to Restrict Processing: Data subjects have the right to restrict the processing of their personal data.
• Right to Data Portability: Data subjects have the right to receive their personal data in a structured, commonly used, and machine-readable format.
• Right to Object: Data subjects have the right to object to the processing of their personal data.

Fines and Penalties:

• Organizations that violate the GDPR can face fines of up to €20 million or 4% of their global annual turnover, whichever is greater.

Impact on Businesses:

• The GDPR has significant implications for businesses that process personal data of EU residents.
• Businesses must ensure they comply with the GDPR's requirements, including obtaining explicit consent, providing transparency, and implementing appropriate security measures.
• Non-compliance can result in significant fines and reputational damage.

Overall, the GDPR aims to strengthen the protection of individuals' personal data and provide a uniform data protection framework across the EU.