GDPR is an acronym for General Data Protection Regulation. The purpose of this law, which went into effect on May 25th 2018 and applies to all European member states, is to ensure transparency with how companies handle personal information like names or addresses etc., while also protecting consumers.
GDPR violations can result in substantial fines imposed by regulatory authorities. These fines can range from a percentage of the company’s annual revenue to multi-million-dollar penalties, depending on the severity of the violation. These financial penalties can severely impact a company’s bottom line and its ability to invest in growth and innovation.
Secondly, non-compliance can lead to legal action from individuals whose data privacy rights have been violated. GDPR empowers individuals to seek compensation for any harm or distress caused by the mishandling of their personal data. These legal battles can be expensive and time-consuming, further draining a company’s resources and diverting its focus from core operations.
Websites must take several essential steps to comply with the General Data Protection Regulation (GDPR). Here are five basic items that all websites should have: