Starting on 25.05.2018 the General Data Protection Regulation (GDPR) came into force. All EU but also non-EU companies that are subject to GDPR Regulation have to meet quite strict requirements to increase the level of protection and prevention of misuse of the personal data of their clients, business partners and employees.
Who is it for?
- Controller (Subject that is setting nature, scope, context and purposes of processing of the data)
- Processor (Subject that is processing the data on behalf of a controller)
What is covered / standardly included?
- Data liability
- Administrative Obligations (Data Administrative Investigation Costs & Data Administrative Fines)
- Notification Costs of Data Subjects
What could be the Results of Data Processing Breach?
- PR and Reputation – Loss of Confidence, Company Reputation Damage and Loss of Profit associated with it / substantial Decrease of Income
- Financial Impact – Fines and Penalties imposed by the local Data Protection Regulatory Body
- IT management impacts –Data Recovery and / or System Recovery Costs, Reinstallation Costs, Misuse of Payment Identity related Expenses