General Data Protection Regulation (GDPR) is a data protection reform which came into force in May 2016 and is mandatorily applicable from 25th May 2018 across the European Union (EU). EU citizens have gained more control over their personal data with the GDPR regulation. The GDPR regulation is applicable to all organizations operating in member states of the European Union and also to those organizations which are located outside the European Union but are selling goods and services to enterprises and customers in the EU.
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Therefore, globally, all multinational companies have to abide by the GDPR compliance. GDPR rules apply to controllers and processors, so cloud is also not exempted from enforcement.
The impact of GDPR on business is related to how companies process, store, and secure data of EU citizens. GDPR regulation is expected to impact different departments of companies such as product development, human resource, and sales & marketing. Therefore, companies are streamlining their business operations in compliance to GDPR reforms. GDPR focuses on risk management as well and requires a risk assessment, and data protection impact assessment (DPIA) when there is high data protection risk involved.
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Companies are spending huge amounts to ensure that they are compliant to the regulation. These factors are driving the use of GDPR software and tools for assessing, implementing, and planning GDPR compliance. Companies are introducing software and tools such as data governance and management, assessment, security, and user consent tools to simplify the GDPR compliance process.
Companies are also remodeling their products and services to accommodate changes facilitating compliance to GDPR regulations. Companies such as Facebook Inc., Google Inc., and Apple Inc. have already rolled out several features in their products that helps the user base to control their data. Major sectors most affected by GDPR include telecommunication, FinTech, social networking, and cloud computing.