There is no doubt that when it comes to adhering to the best of cyber security protocols and practices, the role of GDPR is extremely important, to say the least. It applies to each and every country of the European Union. However, the various countries of the union have the ability to make small changes based on their specific needs and requirements. However, this has to be done without diluting the main objectives and policies under which GDPR has been built in the first place. The basic objective of this Regulatory mechanism is to ensure that the customers and other stakeholders who use the payment gateway of the online merchants feel that their information is safe, secure and protected from cyber threats. This regulatory mechanism came into place after taking into account the various requirements and needs of customers. There have been many instances of cyber thefts and attacks on personal information and monies from banks have been swindled because of insecure ways of movement of information from one place to another while online purchases are being made. Hence, this piece of the act is aimed to protect the sensitive financial and other personal information of customers.
How Will It Impact My Company
The basic question that comes to our mind is whether it will impact companies, big and small, old and startups. The answer is yes, it will. Companies that are controlling or processing of personal data vaulting will have to be covered by GDPR. If you are following some other rule prevalent in your European country, the same will become null and void and you will now be governed by GDPR. It should also be kept in mind that both personal and sensitive types of information will be covered by GDPR. Personal information is classified as those types of information that would be needed to identify a person. It could be the name, IP address, address and other such details. Sensitive information pertains to data that is genetic in nature. This could include information with regard to political and religious views, sexual orientation and other such things.
What Is Different From Previous Regulations?
When we talk about GDPR there is around 99 article which talks about the rights of various individuals and also lists down the various obligations placed on organizations who serve the customers at various levels and at various times. It would be pertinent to mention that there are eight rights for individuals and these cover their right to have easier and unhindered access to the data that companies hold on their behalf. Further, there are also new fines and penalties related information which makes it mandatory for the organization to obtain the written consent of the customers whose data they are using. Refusal to do so could also lead to cancellation of the GDPR license and facility that has been allowed to them.
It Applies To Startups In Particular
It would be pertinent to mention that when it comes to startups their responsibility is even more. This is because they do not have the right data protection regimen in place. The onus lies on them to ensure that they adhere to GDPR rules forthwith.