We live in a day and age where data has become a currency of its own. It is now easier than ever to collect data, and there are a large number of people who willingly provide data to businesses in exchange for perks.
The scale at which data is being collected vastly exceeds the amount collected and analyzed in previous decades. This large scale data collection, and the technology that powers it, has progressed so fast that global regulators have had difficulty creating succinct legal frameworks to protect the citizens whose personal information is being collected. In fact, most people do not even realize how much information is being collected.
For the last decade, around the globe, there have been attempts to create a single data privacy framework that empowers citizens to determine how and when a company can use the data collected on them. For the first time ever, the European Union has developed and will begin enforcing a single regulatory framework that is consistent across all EU member states. This will begin on May 25th 2018.
The EU’s General Data Protection Regulation (GDPR) is a landmark regulatory framework. It is unique in many ways, compared to previous data privacy regulations. It will empower citizens to better control the ways in which businesses and researchers use their data, allowing EU citizens to exercise the “right to be forgotten.” Additionally, GDPR empowers regulators by harmonizing regulatory oversight through the adoption of a single framework.
We at FocusVision applaud the EU for putting together such a comprehensive and citizen-centered data privacy regulation. The EU has continuously led the charge in data privacy regulations and we anticipate the rest of the globe will pay close attention to GDPR, and soon begin adopting the framework entirely or in part.
FocusVision has built our technology and reputation on a foundation of data security and privacy. We see GDPR as a true opportunity. We encourage businesses and research departments to evaluate your suppliers (including FocusVision) and ask if they are prepared for changing data privacy regulations and the high likelihood of global GDPR adoption.