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The General Data Protection Regulation (GDPR) is the strictest privacy and security regulation in existence. Even though it was created and approved by the European Union (EU), it imposes requirements on organizations worldwide that target or gather information about individuals living in the EU. On May 25, 2018, the rule became effective. Those who disregard the GDPR's privacy and security requirements will be subject to severe fines, with some penalties topping tens of millions of euros.
Due to its potential to have a large influence on numerous industries, the EU General Data Protection Regulation (GDPR) is a key piece of legislation. Almost all industries take part in one or more processes that process personal data. Furthermore, the GDPR provides a collection of guidelines for the processing of personal data. As a result, to comply with the EU GDPR, all organizations across all industries would need to implement new processes, policies, and systems.
How might GDPR impact certain industries?
According to the findings, the following industries would be impacted:
- Processing of personal data of employees: It is difficult to envisage an organization that does not have employees; therefore, all organizations have employees. Employees are also data subjects who fall under the jurisdiction of GDPR. As a result, all organizations must adopt greater transparency and accountability in the processing of their employees' data.
- Appointment of a Data Protection Officer: Most companies that deal with big volumes of personal data would hire a DPO who has completed the required EU GDPR Data Protection Officer Training and has a certain amount of expertise. Additionally, this must take place across all businesses to be GDPR compliant. Naturally, there would be little businesses that handle very little data and merely provide platforms. But they would probably decide to have a DPO to show that their platforms conform.
- Processing of personal data of sales contacts: It's tough to imagine a company with no customers. The basic reason for an organization's existence is to serve customers. Even if an organization's client is another organization, the contacts are real people. Executing sales contacts, storing their data, and so on are all examples of actions that would be characterized as personal data processing. As a result, organizations across industries must guarantee that their processing complies with GDPR.
Which industries would be significantly affected by GDPR?
Although most industries will be affected by GDPR, some will be more severely affected than others. Let's have a look at the items that would make this list.
- Industries that provide services to individual customers: Processing of personal data on a wide scale is typically done in industries where offering services to individual customers is the primary business. Financial services, insurance, retail, and other sectors would fall under this category. To comply with the EU GDPR, all of these businesses would have to take serious actions.
- Industries that provide marketing, business, process and system support services: Business, process, and system management services are offered by a large number of organizations. For the benefit of their controllers (with whom they have contracts), each of these businesses will function as data processors. While their controllers must comply with GDPR, processors are likewise required to do so and are subject to the same penalties for noncompliance as their controllers. These businesses will include cloud-based service providers, platform-based service providers, law firms, analytics firms, event management organizations, etc.
- Automobile industry: The majority of automobile manufacturers enjoy gathering and processing personal information about the people who purchase their products. However, these businesses would have to be more open about the data they have, what they do with it, and why GDPR becomes relevant.
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