General Data Protection Regulation - GDPR
Following a two-year transitional period, the EU General Data Protection Regulation, GDPR for short, is set to officially come into force on May 25, 2018.
The GDPR’s objective is to create a uniform standard for data protection within the EU. This entails more rights for consumers, but also a whole series of new obligations for businesses. For a lot of businesses, implementing the European Regulation is a serious challenge involving substantial risks. Violations of the GDPR can give rise to severe penalties that are meant to have a “deterrent effect”. The Regulation makes provisions for fines of up to 20 million euros or 4 per cent of worldwide annual turnover.