European Parliament Approved the New Data Protection Regulation
2016-05-04 13:13:43In April 2016, the European Parliament passed the vote for the new EU data protection rules (General Data Protection Regulation (GDPR)) and approved the regulation to replace the existing rules. New EU data protection rules aim the legal norms to come into compliance with the progress of modern technology. The regulations will enter into force in two years. Meantime, the data processor companies have to make their own business processing relevant with the new regulations.
However, new EU data protection rules outline the importance of cyber security as existing standard is rapidly changing alongside with the technological development and encrypting the data has become significant for security.
Due to the frequent facts of illegal access to the data and leakages of information, the companies have to defend the data with encryption so that in case of illegal access to it the content of the data remains illegible.
Moreover, the regulation stipulates that data breaches must be reported to the relevant authorities within 72 hours of discovery if they are likely to jeopardise the rights and freedoms of individuals.
Noteworthy, for breaking the rules the companies will face high fines. The sums of penalties have increased significantly and companies may fine up to 4% of their annual turnover or €20 million EUR which will undoubtedly have a serious impact on a business. For less severe incidents, the fine will be 2% of annual turnover or €10 million EUR.