How tech companies may be affected by new GDPR rules

  • What Is GDPR?

 

GDPR stands for General Data Protection Regulation. The EU law states that data protection and privacy are put in place for individuals living in the European Union and the Europea Economic Area. The GDPR allows an individual control over their own data and information.

The new regulations offer greater protection to those who store their information online. They can what is going on. They can raise any complaints they have as suspicious activity comes up. They can do this at any time and place. It does not matter where they are in the world. This will mean that it won’t just be computer repair and tech experts looking at better data recovery services but many other companies to ensure that data is not easily lost and is easily accessible for only those who need it. Below are the 5 rules that every tech company should abide by when looking after personal data.

 

  • The Five Rules That Apply To Tech Companies Under the New GDPR Rules

 

There is a new set of GDPR rules that have been in effect since the week of May 25, 2018. These five rules could essentially cost tech companies billions if they do not follow the rules.

1) Every company that interacts with someone in the EU is going to be affected, including government agencies, American tech companies, and non-profits.

2) Say you have a breach in your company. You need to notify them within 72 hours, or you face a big fine. Companies pay a 4% fine or 25 million, whichever one is going to be higher. That is a heavy fine. You need to pay attention to the GDPR rules or pay up.

3) The GDPR is working in the customer’s best interest. They want to strengthen the protection of a customer’s information. They want to control how the information is exported, outside the EU, and who sees it. They also want to give their customers greater control over their data. It is your information. They want to keep it that way.

4) The downside is that most companies are not fully aware and ready for the new GDPR rules, though they have had months to prepare. A recent study finds that only 37% of businesses are prepared, for what lies ahead. That is not very encouraging. More tech companies need to read the rules and educate their staff, or they are going to pay the price.

5) You might be able to increase your stock in BEZ(London-based Beazley), believe it or not. This company ensures other companies when cyber attacks happen. You might want to do your own research on that. The terms and conditions might be different for each person.

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