The new General Data Protection Regulation (GDPR) has come into force but there are still misconceptions about this regulation. Businesses and even media publications believe that this regulation does not affect them at all. They think that GDPR only applies to entities in the EU. There is even a misconception that the regulation does not apply to businesses that don’t provide goods and services to EU consumers.
To learn more about common misconceptions regarding the GDPR, keep reading:
The GDPR Does Not Affect a Business when it Leaves the EU
It is important to keep in mind that the new regulation applies to all businesses that deal with the data of European citizens, regardless of a business’ location. Thus, organisations must take actions to ensure their GDPR compliance.
GDPR Requires Businesses to Invest in Expensive Data Protection Solutions
Under the GDPR, businesses must detect data breaches and report them to the right authority within 72 hours from discovery and when the breaches may lead to a risk to the rights and freedom of citizens. However, not all businesses have the technology necessary to monitor, detect, or deal with data breaches. Many of them are concerned about the possibility of having to invest in many data protection products to protect themselves and stay compliant with the regulation. But, the introduction of managed cybersecurity service has alleviated these concerns. With this service, companies will only pay a monthly fee for what they use and the service takes care of everything. This type of service offers enterprise-level security and access to cybersecurity experts.
GDPR Only Applies to Companies that Process Personal Data from the EU
A lot of people fail to understand the full scope of the regulation’s definition of personal data. But, under the GDPR, personal data refers to anything that can directly or indirectly identify a natural person including names, identification numbers, location, and even online identifiers like IP address. Also, some people don’t realise that the definition of GDPR in terms of data processing applies to any set of operations done around data. The process includes the collection, recording, alteration, and retrieval of personal information, as well as use, erasure, consultation, and destruction. Whether they are employees, suppliers, customers, shareholders, or prospects, the rule applies. And with the extended reach of modern technology and the number of EU citizens living abroad, there may be information held somewhere that impacts European citizens.