This regulation is known as GDPR (General Data Protection Regulation)
General Data Protection Regulation (GDPR) is a legal framework valid in all European Union (EU) countries, replacing the aggregate and country-specific legislation.
The GDPR entered into force on 25 May 2018 and requires all companies collecting information on citizens from EU countries to provide a “reasonable” level of personal data protection. The consequences of non-compliance are serious, with fines amounting to 4% of a company’s global revenue or up to 20,000,000 euros, whichever is greater.
The purpose of the regulation is to harmonize the protection of the fundamental rights and freedoms of natural persons with regard to data processing activities, and to ensure the free movement of personal data between member states. In addition to the harmonization of all EU Member States’ legislation, the regulation introduces much stricter obligations from the point of view of security in the processing of personal data. In addition, it provides specific security-level prescriptions and for the first time adopts specific notification requirements in the event of data confidentiality being compromised.
Companies can reduce the risk of accidents by appropriate technological measures, but they can also share the financial burden through insurance.
Our consultants will tell you about different insurance options in this area.
