Page 4 - OSP eBook

Introduction
Executive Summary
What is GDPR?
GDPR stands for General Data Protection Regulation and unifies data privacy laws across all European Union member countries.
When did GDPR go into effect?
Enforcement of the GDPR went into effect May 25, 2018, after six years of planning.
Why does GDPR matter?
Penalties for data breaches and misuse of personal data can be potentially devastating. Non-compliance can result in administrative fines of up to 20 000 000 EUR or 4% of the total worldwide annual turnover of the preceding financial year (whichever is higher). During the GDPR's first year of enforcement, over 100 organizations have paid fines for failing to fully comply with the regulation. Most noteworthy, in January 2019, Google was fined 50 million euros by French authorities for collecting personal data from users without providing an adequate level of transparency on how that data would be used to personalize advertisements on the platform.
What is GDPR Compliance?
Data Breaches will inevitably happen. Information can get lost, stolen or otherwise release into the hands of people who were not intended to see it. Not only do businesses have to ensure they gather information legally under the terms of GDPR; they also are obligated to protect the information from misuse, or face the huge fines.
OSP Cyber Academy