Sunday, July 17, 2022

GDPR’s impacts on cybersecurity, both in and outside the EU

    The European Union’s General Data Protection Regulation (GDPR) requires extensive data protection and safeguards. GDPR’s guidelines to collect and process PII of EU citizens apply to any company, anywhere in the world; therefore, this law has impacted worldwide privacy policies and procedures. GDPR’s mandate to notify the public of any security incident that leads to a personal data breach in a short time has increased cybersecurity efforts and improved the skillset of professionals in this field. Although these measures are negatively adding the cost of services for the users, based on a report published by Capgemini research institute, 39% of consumers will spend more when they trust the companies with their PII and hence positively could lead to more sales and translate into financial intensive. Enforcement of this law, regardless of the geographic authorities, seems to be successful since the companies are obligated to comply if they want to be in business.

    Studies and economic analysis on the financial impact of the GDPR (before the pandemic) show a 26.1% decline in the number of monthly EU contracts. In comparison, there has been a 33.8% increase in the dollar value per contract. GDPR also negatively affected new foreign investments in the EU, especially start-ups and data-related companies. Based on another report, fifty-five percent of mergers and acquisitions did not conclude due to concerns about companies’ compliance with GDPR.

    Under the GDPR law, any EU residence is entitled to the right to:

  • access to their personal data
  • be forgotten if they want and ask the company to delete their data
  • data portability
  • be informed about their data collection
  • information correction
  • restrict data processing
  • be notified if there has been a breach
  • consent before gathering their data
    These are the most extensive rights for consumers, who are given complete control of their personal data.

    In my opinion, GDPR will take more share of the privacy security field and force the other international standards, guidelines, and policies to be more adaptive in the future. If I were to make any changes to this law, I would have made it a little more business-friendly to maximize efficiency and lower the cost of handling personal information.

Reference:

[1] https://www.capgemini.com/wp-content/uploads/2018/05/GDPR-Report_Digital.pdf

 (Links to an external site.) (Links to an external site.) (Links to an external site.) (Links to an external site.)[2] https://www.prnewswire.com/news-releases/analysis-gdpr-data-regulation-hurts-eu-economic-growth-300994464.html#:~:text=GDPR%20had%20a%20negative%20effect,dollar%20amount%20raised%20per%20deal

 (Links to an external site.)

 (Links to an external site.) (Links to an external site.) (Links to an external site.)[3] https://datainnovation.org/2019/06/what-the-evidence-shows-about-the-impact-of-the-gdpr-after-one-year/#:~:text=The%20GDPR%20Negatively%20Affects%20the%20EU%20Economy&text=Three%2Dquarters%20(74%20percent),2017%20(Bitkom%2C%202019)

 (Links to an external site.

 (Links to an external site.)

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