Taking the strict German privacy and data protection laws to the next level, since May 2018 the General Data Protection Regulation (GDPR) revolutionizes and unifies European Union (EU) and European Economic Area (EEA) data protection laws. Further, as the forerunner and gold standard in data protection, the GDPR inspires data protection laws across the globe, such as the California Consumer Privacy Act, due to its successful ideas.
What’s different under the GDPR?
Important changes due to the GDPR include more rights for EU individuals, extensive data breach notification duties, strict security requirements, cross-border data protection, extensive accountability, and easier enforcement. The GDPR allows for a fine of up to 4% of the global corporate group turnover. Consistent application matters: The European Court of Justice and the entire chapter 7 ensure the GDPR is applied cooperatively and consistently across the EEA. And the GDPR supports the common data market, allowing for easier flows of personal data within the EEA and with third countries with comparable data protection standards. Measures such as Binding Corporate Rules, Privacy Shield certifications, and data protection model clauses secure processing of personal data in third countries with lower data protection standards. Please refer to our banking industry standard data processing addendum for details.