![]() Understanding GDPR requirements starts with understanding its seven data protection principles. A GDPR small business survey in 2019 found that even after a two year preparation window and one year of active enforcement, many businesses were investing time and attention into compliance, but an equal number had avoided GDPR all together. While most can identity GDPR at a high level, many have a harder time describing specific requirements. Other governments and industry regulators are turning to GDPR as a model for guidelines and compliance requirements that represent their industries, citizens and businesses. GDPR was born of the idea that individuals need access to and control over how their sensitive data is gathered and shared, while companies need greater accountability for their role in the collection and processing of personal information. Sensitive data is everywhere and too often controls and measures designed to guard data are overlooked. According to the report 121,165 data breach notifications were logged in that same time period. The highest went to Google ($56.6M USD), H&M ($41M USD), TIM ($31.5M USD), British Airways ($26M USD) and Marriott ($23.8M USD). Consider fines charged to some of the world’s largest corporations, as tracked by SLA Piper: between January 2020 and January 2021, GDPR fines rose 40% and totalled $191.5M USD. For most companies, getting slapped with a GDPR fine could be business-ending. A violation, or non-compliance can cost companies 10M Euros or 2% of their annual revenue – whichever is higher. GDPR reigns supreme for its scope, scale and non-compliance fees. If you’re unfamiliar with the details, GDPR is designed to protect the data privacy of EU citizens through regulations aimed at companies who collect and/or process EU citizen data – regardless of what country they operate in. The regulation was introduced in 2016 and provided companies with a two year runway before coming into effect in 2018. The General Data Protection Regulation (GDPR) is one of the most well-known (and feared) data privacy and security laws on the planet. Leveraging data discovery, classification and reporting capabilities for principles alignment and compliance
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