Daily Management Review

EU's Big Change In Data Protection Rules Makes Businesses To Get Ready For It


12/21/2017




EU's Big Change In Data Protection Rules Makes Businesses To Get Ready For It
The proposed implementation of the European Union's General Data Protection Regulation (GDPR) within Europe is expected to cause a disruption in the data protection scenario and within companies from May next year.
 
Citizens and businesses would be impacted by the new directives and regulations that would seek to improve the 1995 Data Protection Directive through legislations. The earlier data protection laws needed a review because they were framed at a time when the digital age was still in its formative stages. 
 
Th right of people to be forgotten and the guaranteed right to free and easy access to their respective personal data is being sought to be established and boosted in the GDR - among other things. People would need to be informed by companies about any data breaches that could impact such people and that information would be required to be provided without any delay that cannot be explained or justified, says the new rules. The companies would also need to immediately inform the related and relevant data protection supervisory authorities.
 
A new single law on data protection will replace "the current inconsistent patchwork of national laws,", the European Commission has said. The commission estimates that the financial benefits of a single law would result in annual financial benefits of about 2.3 billion euros ($2.73 billion) for businesses and further, companies would be better off when they have to deal with just one law instead of 28 different laws – referring to the 28 member states of the EU and each with a separate law.
 

The international infrastructure group was watchful to ensure it adhered and adopted regulations which are set in place, said the managing director for U.K. construction services at Balfour Beatty, Dean Banks, said to a television channel. "It is a changing field," he said.
 
"As we put more and more data into the cloud, we've got to think about how we protect that data, not only for the interests of Balfour Beatty but for our clients, for our supply chain and for the data integrity of the individual employees that we have working here."
 
To ensure that banks remain at the forefront "of using the right technology to protect the consumer's needs", they are making use of encryption, algorithms and collaborated with third parties, banks said.
 
RoOomy is a business that uses augmented reality (AR), virtual reality and 3-D technology to change the way people visualize homes and spaces. New regulations such as GDPR were "pushing companies to take people's and consumers' and customers' information more seriously and treat it with respect", said the vice president of the company for development and global operations, Enrico Rosa.
 
(Source:www.cnbc.com)






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