What Is GDPR? What to Know About Europe’s New Data Privacy Rules

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“What is GDPR?” We hope to answer that question today.

What Is GDPR? What to Know About Europe's New Data Privacy Rules

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GDPR is an acronym used to refer to General Data Protection Regulation. This is a new set of rules going into effect for countries that are part of the European Union. These rules seek to add additional data privacy for citizens living in the area.

GDPR is catching the interest of people because the new set of rules just became enforceable today, May 25, 2018. As such, companies that handle data in the European Union are working to make sure that they comply with these new regulations.

Among the changes that data companies, such as Facebook, Inc. (NASDAQ:FB), are dealing with is how user information is stored. The GDPR requires that all user information be stored under pseudonymisation or anonymisation. It also requires these companies to alert users in detail about how their data is being used.

The GDPR also has a few other effects that citizens in the area can take advantage of. The first is that users can request a complete copy of data that companies have on them. The other big one is that they can also have all data connected to them deleted, but only under specific circumstances.

Companies are already starting to feel the effects of the GDPR. The new set of rules only just went into place today and Facebook and Alphabet Inc’s (NASDAQ:GOOG,GOOGL) Google are already facing lawsuits. Both of these lawsuit are from Max Schrems, a privacy activist. The Facebook lawsuit is for $4.55 billion and the Google one is for $4.32 billion, reports The Verge.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/what-is-gdpr/.

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