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The EU’s General Data Protection Regulation could potentially strike any business around the globe if it is found in contact with an EU resident. It doesn’t stop here – the finalized regulation could impose penalties on non-compliant company’s 4 percent of global revenue.

The GDPR would set a two years deadline for businesses to comply and would affect data transfer practices to a greater extent. It’s about to be seen how US businesses would respond and gear up for this critical compliance requirement.

What is General Data Protection Regulation?

The GDPR (Officially known as the Directive 95/46/EC) was drafted by European Union in January of this year to supersede previous Data Protection Directive. The basic aim of this regulation was to regulate the advancement of personal data and harmonize data protection laws within the European Union. The legislation is part of the EU privacy and human rights law and would be directly applicable on all member states.

 

Source: DLAPiper & ComputerWeekly

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