With the coming into effect on 25th May 2018 of the EU General Data Protection Regulation (hereinafter referred to as the “GDPR”) the importance of data privacy protection became vital to businesses and corporations increasing corporations’ data breach responsibility and liability for the data privacy keeping and/or processing towards data subjects more than ever.
Consequently, data breaches now whether such breaches were suffered accidentally or maliciously cause financial and reputational damages to corporations worldwide irrespectively of how big or small corporations are.
The GDPR compliance, therefore, is a cornerstone in providing one set of data protection rules for all corporations operating in the EU, wherever they are based.
In this sense, the GDPR compliance applies not only to EU corporations but to corporations located outside of the EU which in their course of business possess and/or process EU citizens’ personal data information.
Thus if your organization providing services and/or supplying products to EU citizens it is vital to ensure the right processes within your organization comply with the GDPR.