GDPR

The latest in data privacy frameworks have come in the form of the EU US privacy shield. This framework has come about as a response to the EU General Data Protection Regulation (GDPR). The framework has been decided to meet the adequacy determination of the European commission, and now the transfer of personal data from the EU to the US can be made easier if US organizations choose to join the privacy shield framework.

More customers are becoming aware of data privacy when engaging with businesses online. With data breaches on the increase, many customers face issues regarding the adequate protection of personal data, especially following the event of a data breach or cyberattack. In a report given by RAND corporation, it was found that 11 percent of customers would change organization, and 23 percent would give the existing organization less business. These realities have spawned an ecosystem of regulation and data privacy awareness.

The General Data Protection Regulation (GDPR) came into effect last year giving pressure to data brokers and tech firms to adequately protect, process and store customer information. Developed by the European Parliament and the Council of the European Union, the new EU data regulation laws threaten businesses with hefty fines of roughly 20 million euros or four percent of their turnover should they fail to adhere to the new legislation geared towards giving people more control over their personal information.

Roughly 57% of the global population now have access to the internet. While being connected to the largest database in the world does bring a host of advantages, it does come at a price. Recent statistics revealed that about 53% of online users are currently more concerned about their online privacy compared to a year ago.