The General Data Protection Regulation (GDPR) is a European law adopted in 2018 that regulates the processing of personal data of European Union citizens. The law was created to protect the privacy and personal data of customers and others whose data is processed by organizations.
Since its implementation in May 2018, large fines have been imposed across Europe for various violations of the General Data Protection Regulation (GDPR). According to Statista, the Total value of GDPR fines imposed in Europe 2018-2023, by country, as of January 2023, the largest fines were imposed in Ireland, with a total amount of about 1.3 billion euros to date. Luxembourg ranked second with more than 746 million euros.
Security of personal data
The overall objective of the GDPR is to ensure a high level of protection of customers' personal data, namely to prevent data leakage. Meeting these standards helps to improve customer confidence and reduce the risk of breaches of confidentiality of customer personal information. Here are the key security aspects that organizations should consider in order to achieve GDPR compliance:
- Entering into agreements with data processors. If you transfer personal data to processors, the GDPR requires you to enter into appropriate agreements that set out the requirements for the security and protection of personal information.
- Ensuring the latest protection. Organizations must be aware of and regularly update and protect their information systems and software from all kinds of threats.
- Data encryption. Encryption is an important security measure that should be implemented when transmitting or storing personal data. This helps protect data from unauthorized access and information leakage.
- Protection against breaches. The GDPR requires organizations to pay special attention to protecting personal information from breaches and implement policies to detect and respond to data security breaches.
- Transfer of personal data. While transferring customers' personal data, especially outside the European Union, it is imperative to use protection and encryption in accordance with the regulation's terms.
- Staff training and awareness. Ensuring that staff understand the importance of data security and GDPR requirements is critical. After all, many employees have access to personal information, namely its integrity and confidentiality, while working on a project. Organizations that implement employee training protect themselves from fines and preserve their reputation.
Compliance with regulations is extremely important for maintaining customer and business trust. Maintaining confidentiality reduces the risks of data breaches, such as information leakage, theft, unauthorized access, or the transfer of personal data to third parties.
GDPR compliance is an ongoing process
It's important to remember that GDPR compliance is an ongoing process, and organizations need to keep abreast of the changes that are taking place. It is necessary to ensure that the documentation corresponds to the actual processes in the company and that privacy practices are up-to-date.
The GDPR sets specific requirements for data protection and privacy, and these requirements have a significant impact on cybersecurity practices. Here are some of the key points to consider for GDPR compliance:
You need to conduct a DPIA to assess potential risks. Data Protection Impact Assessment (DPIA) is a procedure for assessing risks when processing personal data.
A company that processes a significant amount of personal data is exposed to risks associated with theft, loss, or dissemination of personal data. This includes identifying cybersecurity risks and implementing measures to mitigate them.
Another important aspect is data minimization. Only the data that is necessary for a specific purpose should be collected and stored. Data minimization reduces the risk associated with data breaches and cyberattacks.
You should ensure that you obtain clear and informed consent from individuals to process data. Consent mechanisms should also consider cybersecurity issues, such as protecting consent data from forgery.
Another important point is restricting access to personal data to authorized personnel only. Role-based access controls and strong authentication methods should be implemented to prevent unauthorized access.
Be prepared to provide individuals with their data upon request (data portability) and delete their data when it is no longer needed (right to be forgotten). This requires effective data governance and cybersecurity practices to ensure data accuracy and security.
Develop a robust incident response plan to address a data breach quickly and effectively. The GDPR obliges you to report certain data breaches to supervisory authorities and affected individuals within a specified timeframe.
Supplier management
You also need to manage your suppliers and make sure that third-party vendors who process personal data on your behalf are also GDPR-compliant. Assess their cybersecurity measures and data processing practices.
Be aware of the data protection officer (DPO). Appoint a data protection officer responsible for overseeing GDPR compliance, including cybersecurity aspects. Train your employees to recognize and respond to cybersecurity threats and understand their role in GDPR compliance.
When transferring personal data outside of the EU, ensure you have appropriate legal mechanisms in place, such as standard contractual clauses or binding corporate rules, to protect data during the transfer.
It is important to note that GDPR compliance and cybersecurity are ongoing processes that require constant monitoring and adaptation to new threats and regulations. Organizations should also keep abreast of any updates or changes to the GDPR and cybersecurity best practices to stay ahead of potential risks.
Security of payment information
Protecting payment information and personal data of users is a crucial issue for companies in today's digital society. The European Union (EU) has strict laws and regulations to ensure the security of such data. However, the number of cybercrimes is growing yearly, requiring stronger security measures and regulatory compliance.
Payment information security is the process of ensuring the confidentiality and integrity of payment data entered by users. There are several basic principles of payment information security:
- Encryption: Encrypting payments and information storage is an important aspect. Encryption makes data unintelligible to unauthorized persons, which helps prevent unauthorized access.
- Compliance with card security standards (PCI DSS): PCI DSS is a set of security standards designed to protect payment cards and their associated information. Businesses that process payments must comply with these standards.
- Monitoring and threat detection: Continuous monitoring of operations and systems helps to detect possible threats and security breaches in time.
- Two-factor authentication: Requiring users to provide an additional verification factor (e.g., SMS or fingerprint) increases payment security.
Personal Data Protection Laws in the EU
The General Data Protection Regulation (GDPR) has ushered in a new era of data protection and privacy. Only those businesses that take these issues seriously and comply with the requirements will be able to maintain consumer confidence and avoid possible sanctions.
Protecting payment information and personal data, as well as complying with the main aspects of the GDPR, is an investment in the company's long-term success and maintaining its reputation in the market. Here are some important aspects of the GDPR:
- Data collection and processing. The GDPR establishes rules for collecting and processing personal data. Businesses must obtain consent from individuals whose data is processed and inform them of the purposes of the processing.
- Data subject rights. The GDPR provides individuals whose data is processed with several rights, including the right to access their data, correct inaccuracies, and prohibit data processing.
- Notification of data security breaches. According to the GDPR, companies are required to immediately report a data security breach if it may lead to a violation of individuals' rights and freedoms.
- Sanctions. The GDPR provides for significant fines for violations of its provisions.
Importantly, the GDPR applies to all businesses, even those outside the EU, if they process data of European citizens.
GDPR compliance services and consultations
Many companies and consulting agencies specialize in providing services to help you comply with the General Data Protection Regulation (GDPR) and other data protection requirements. These companies can provide a variety of services and advice aimed at helping other organizations comply with the GDPR and ensure that personal data is properly protected. Here are some of them:
- Internal control audits. Companies can audit your infrastructure and processes to determine how well they comply with GDPR requirements.
- Development of policies and procedures. They can assist in creating policies and procedures to ensure GDPR compliance, including data retention, security, and access policies.
- Staff training. Consultants can provide training and workshops for your staff on GDPR requirements and data security practices.
- Audit and control of third-party vendors. They can help you assess the security of third-party vendors you work with and ensure they comply with the GDPR.
- Implementation of technological solutions. Companies can also provide technical support and guidance on implementing technology solutions to ensure data security.
- Preparing for data security breaches. They will help you develop plans and procedures for responding to and reporting data breaches, as the GDPR requires.
- Documentation of compliance. They can assist in creating the necessary documentation to demonstrate compliance with the GDPR, including data processing registers and data protection impact assessments.
- Regular audit activities. They can conduct regular audits and reviews to verify that your practices comply with the GDPR.
These companies specialize in addressing data compliance and security issues, and they can be useful for organizations looking for help with GDPR compliance and personal data protection.
Conclusion
Ensuring the security of payment information and compliance with EU data protection laws are critical tasks for any business operating in the European region.
With appropriate technological and legal measures in place, businesses can ensure payment security and the safety of users' personal data while complying with legal requirements.
