Health Insurance Portability and Accountability Act Apps Blog
Facts about GDPR Compliance Regulations
Posted On July 27, 2020
The General Data Protection Regulation (GDPR) is created by the European Union, it prevent the unauthorized access to personal data and help to support existing data protection protocols all while increasing the levels of protection for individuals. The personal data includes names, addresses, and bank details, IP addresses, web cookies, contacts, and mobile device IDs, and anything that recognize a person.
It covers all companies that treaty with the data of EU citizens, in particular banks, insurance companies, and other financial companies. The companies that operate within the Europe or that process EU citizens’ information should ensure they get used to the new rule and become compliant, or they will be fined. Complying with the GDPR is a huge responsibility, but it’s essential to identify that it is a business project rather than just an IT or IT protection project.
Some of the key privacy and data protection requirements of the GDPR include:
Requiring the consent of subjects for data processing
Anonymizing collected data to protect privacy
Providing data breach notifications
Safely handling the transfer of data across borders
According to the European GDPR website, the law is intended to harmonize the data protection law across Europe, providing greater security and privileges to individuals. The GDPR requirements comprise companies are subject to GDPR if:
The organization has a presence in an EU country and processes personal data of European inhabitants
There are more than 250 employees
Even if there is fewer than 250 employees, if the data-processing impacts the rights and freedoms of its data subjects
Penalty for non-compliance
GDPR should not be taken lightly. After the GDPR compliance deadline, the organizations that failed to be GDPR compliant had to pay financial and criminal penalties. For instance, organizations holding data of European customer faced a fine of up to EUR 20 million or 4 percent of their total wealth revenue for the previous financial year, whichever was higher.
Business entities, big or small that process EU patient’s identifiable data, should execute the policy law instantly to make sure a protected environment for their clients. After all, a secure environment for data is for sustainable business opportunities.