The Impact of GDPR on Business
The Internet has drastically changed in the past few years. Consumers have now become very aware of their privacy issues. Many consumers want to be in control of the data that they create and share online. Till now, the contracts used to be drawn by social media companies. Hence, they were heavily skewed to be in favor of such companies. However, European regulators started taking notice that the customers are being negatively affected due to the lack of proper regulation. It is for this reason that they created the General Data Protection Regulation (GDPR).
Like every policy, the GDPR has its own pros and cons. In this article, we will have a closer look at what the General Data Protection Regulation (GDPR) really is and how it impacts businesses all across the world.
What is the General Data Protection Regulation (GDPR)?
As mentioned earlier in the article, GDPR is a new set of regulations that have been created by European regulators. There have been several such regulations which have been created all over the world. However, none of them had serious intentions which actually made a difference. This is where the General Data Protection Regulation (GDPR) stands out. The data privacy rules which the corporations are supposed to follow under General Data Protection Regulation (GDPR) are stringent. The penalties for not following them are pretty steep as well. Here are some examples of what makes GDPR different.
The Benefits of GDPR
The Disadvantages of GDPR
To sum it up, the General Data Protection Regulation (GDPR) has some pros and cons. However, the benefits largely accrue to the consumers and the big businesses. The small businesses are the ones who have to bear the cost of this increased regulation.
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