According to the Boston Consulting Group, 80% of EU citizens surveyed consider financial data and data with regard to payment card use to be private.
Seven out of ten think that information about children, spouses, health status and taxes is inherently private.
50% of consumers consider their location, phone communication, internet use and email as private data.
What is GDPR?
GDPR is a data protection regulation that was adopted by the European Parliament in April 2016.
Why? To update and unify existing laws in order to strengthen EU citizens’ fundamental rights in the digital age.
How? It regulates the collection, storage, transfer or use of personal data about EU individuals and directly applies to all EU member states.
In other words, GDPR specifies how consumer data should be used and protected in the Digital Single Market. Therefore, it provides EU citizens with stronger data security and privacy protection.
Concretely, whenever an individual or an entity uses personal data outside the personal sphere (i.e. on a socio-cultural or financial level), then they need to comply with the GDPR regulation.
6 objectives of the regulation
– Give citizens control over their personal data
– Simplify the regulatory framework for international trade within the EU
– Unify data and privacy regulations within the EU with one rule instead of 28
– Set global data protection standards
– Shift the focus from mass customer acquisition to customer lifetime value, to build better relationships online
– Bring back trust online