Firstly, the purpose of personal data protection isn’t to just protect person’s data, but to protect the fundamental rights and freedoms of persons that are related to that data. While protecting personal data it is possible to ensure that persons’ rights and freedoms aren’t being violated. For example, incorrect processing of personal data, might bring about a situation where a person is overlooked for a job opportunity or, even worse, loses current job.
Secondly, not complying with the personal data protection regulations can lead to even harsher situations, where it’s possible to extract all the money from a person’s bank account or even cause a life-threatening situation by manipulating health information.
Thirdly, data protection regulations are necessary for ensuring and fair and consumer friendly commerce and provision of services. Personal data protection regulations cause a situation, where, for example, personal data can’t be sold freely which means that people have a greater control over who makes them offers and what kind of offers they make.
If personal data is leaked, it can cause companies significant damage to their reputation and also bring along penalties, which is why it’s important to comply with the person data protection regulations.
The General Data Protection Regulation (“GDPR”) is a legal framework that requires businesses to protect the personal data and privacy of European Union (EU) citizens for transactions that occur within EU member states. It covers all companies that deal with the data of EU citizens, specifically banks, insurance companies, and other financial companies.
Similar regulation is already inacted in Singapore (PDPA) and is in Indian Parliament for consideration.
Digitech Confidential (GDPR Compliance Consulting Company) collaborated with vInnovate to create Data Protection Audit Software to serve its global clients. Solution can be used by the consultants of Digitech to assess its clients compliance to GDPR and auto generates the report with recommendations as per the act. Auto generated report serves as a base for Digitech to compile final report for its clients.
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