Have you ever thought about the confidentiality of your personal and sensitive data like your credit card details, bank details etc.? Or have you ever paid attention to the fact about the number of people knowing your financial details? Well, it is a fact that there are many people around who already have these details with them. So, how can you expect that your finances are safe and protected from the evil eyes of fraudsters?
Now the question is how your personal data surpasses to several people? The answer is simple, it is you only who hand over your data to them while using online shopping sites or other services online. Though we all do that just with a trust on the service provider that they would not leak those details to others and keep it protected and safe from evil eyes.
Personal Data Is Unsafe For A Long Time
It is seen that for a few years, the trust of consumers has been badly damaged due to a steady growth in data breaches that results negatively to individual consumers. The stolen data is always sold or surpasses to third party companies and the consumer realizes about the compromised details after months, or sometimes years.
Data Protection Act 1988 To Govern Personal Data
To provide safety to the personal data of consumers, there had always been some strict rules that had been governed by the Data Protection Act 1998. Though for many years after this act came, due to the arrival of advanced technologies like social media and artificial intelligence, the lawmakers and regulators of this act have realized the need of new laws with more strictness over data protection. The purpose of the new law is not just to make an up to date legislation with new developments, however, to give consumers more rights on their personal data and how companies are going to use them.
GDPR – To Improve Consumer Rights For Their Personal Data
Learning this need, 2 years earlier, the lawmakers approved GDPR that is general data protection regulation. It is meant to regularise data protection law all around Europe. Came into action on May 25, 2018, the GDPR regulation improves the rights of consumers for their personal data. In addition, the government of the UK also approves another Data Protection Act that addresses specific areas to which GDPR gave choice to the states members.
Highlighting Factors of Data Protection Act
As per the co-founder of Information Law training company Amberhawk, Mr. Chris Pounder, the new Data protection act highlights the moment when companies start processing users’ personal data and also when they procure any new software. At that time, they all need to take encryption techniques into their serious consideration. By law, they should integrate data protection and security to these procurement processes.
This way, when any high risk carrying breach occurs that can affect consumers whose personal data is there, GDPR enforces companies to immediately report to the data regulator of the nation within 3 days or 72 hours of time. In addition, they have to inform the individuals or consumers whose data is at risk with certain adverse impacts.
The incidents where regulators find non-compliance of data protection with this new law, the companies will be fined 4% of the annual worldwide turnover of the company or up to £17m (€20m).
GDPR Gives Power To Consumers
Now, after GDPR has come into effect, the consumers can make requests related to their personal data even online. They can even get their data to be sent in an electronic format. In several cases, consumers have the power to ask companies to erase their data fully as companies can be forced to wipe out the entire data related to an individual from all their records.
All and all, the public members are now given more transparency over companies having their personal data stored in their records. Now, they can see where these companies are using their data, why and how. This way, consumers now have a clarity about people who can or would have the accessibility of their personal or sensitive data.