What is the GDPR and what does it mean for businesses?
The General Data Protection Regulation (GDPR) is a set of European Union (EU) data privacy rules that apply across the European Union, and to any business that processes the data of EU citizens, regardless of their physical location. The GDPR was adopted in 2018 with the intention of providing more control over personal data for EU citizens and more protection from any misuse of the data by companies. Under the GDPR, companies are required to be more transparent about what data they are collecting from customers and how they plan to use it. They must also provide customers with the right to access, correct, or delete their personal data as well as the right to object to any processing of their data. Additionally, companies must report any data breaches to customers and authorities within 72 hours of discovering the breach. The GDPR is a set of very strict rules with hefty penalties for non-compliance. If a business fails to comply with the GDPR, they could face fines of up to 4% of the company’s global annual turnover or 20 million Euros, whichever is greater. For businesses in Utah, the GDPR applies to any business that collects or processes the data of EU citizens. This means that any business, regardless of their location, must be aware of the GDPR and take the necessary steps to ensure compliance. This may include having an up-to-date privacy policy and securing customer data to protect it from unauthorized access. Failure to comply could result in costly fines for the business.
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