The General Data Protection Regulation (GDPR) is an EU regulation that protects personal data of EU citizens and residents. It is important because it sets out a framework for organizations to ensure the privacy and security of individuals’ personal information when it is collected, used, or transferred. The GDPR also ensures that individuals have access to and control over their own data.
A violation can mean financial and reputational impact for cloud service providers, either of which could be devastating for many organizations. Breaches of GDPR can result in penalties of up to €20 million or 4 percent of global revenue, whichever is higher.
GDPR compliance comes with a host of challenges for businesses. These can include having to update internal policies, processes and data protection practices, as well as the cost of implementing GDPR-compliant technologies. Additionally, GDPR requires companies to maintain detailed records of how they collect, use and process personal data. This can be a difficult task, especially for larger companies with massive amounts of data.