What is the fine system under GDPR?
The General Data Protection Regulation (GDPR) is a data security law adopted by the European Union (EU) in 2018. It sets out strict regulations to protect individuals’ personal data and how it is handled. In Massachusetts, the GDPR is enforced by the Attorney General or any other applicable state or federal laws. Under the GDPR, companies found to be in violation of the law can be subject to a fine system with several tiered levels of penalties, depending on the severity of the breach. The fines, which may be as much as 4% of global annual turnover or €20 million, whichever is greatest, are intended to ensure that companies take the necessary steps to ensure that personal data is kept secure. For less serious infringements, the fine may be up to €10 million or 2% of global annual turnover, whichever is greater. Companies may also be subject to administrative fines for failure to comply with user’s requests for information or for not notifying the relevant authorities or notifying the relevant authorities too late. The GDPR also allows Member States to impose additional fines if a data breach was not detected and dealt with in a timely manner. These fines can be up to €20 million or up to 4% of global annual turnover, whichever is greater. In summary, the GDPR is a comprehensive data security law that sets out strict regulations for protecting individuals’ data and puts in place a fine system for companies found to be in breach, with penalties ranging from €10 million to €20 million or from 2% to 4% of global annual turnover.
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