Which businesses are subject to GDPR?

Businesses having their presence in an EU nation with more than 250 workers that handle personal data of European citizens and use data processing practises that jeopardise data subjects' rights and freedoms

How does GDPR Impacts Different Industries?

Nowadays most industries engage in one or more operations that process the personal data of EU citizens. As a result, they implement procedures, policies, and systems to comply with the EU GDPR. Here are some of the major industries affected by GDPR.

Social Media Marketing

Social media platforms such as Facebook, Youtube, and Instagram collect the personal data of individuals. Therefore, GDPR had a significant impact on them. GDPR required them to fully disclose and explain to users how their personal information is obtained and utilized. They should also obtain full consent from consumers to use their data, which affected the daily operations of their business. Regardless of the impact of GDPR on social media marketing, the law favors users by offering more privacy.

Online Retail

GDPR imposed restrictions on third-party information which become an obstacle for online retailers to thrive in the marketplace. They cannot track customer identity for advanced metrics, proper targeting, and customization based on past purchases. However, GDPR gives consumers of online retailers the right to be considered as persons rather than merely sales. It also requires online businesses to utilize first-party information strategically to enable one-on-one interactions with their consumers that provide value rather than merely making a sale.

Finance

Digital financial services acquire a large amount of sensitive data from their customers. As a result, there is a risk of being exposed to financial cyber security threats. GDPR's primary idea is to safeguard the personal data of customers. It requires digital financial services and institutions to provide sufficient visibility standards that enable users immediate access to their data. GDPR has a significant influence on the finance industry, it can hinder future projects due to its cost regulation law. Customers, on the other hand, have full control and access to their data.

Cloud Computing

GDPR's legislation and regulatory obligations pose a challenge to cloud computing enterprises. Although cloud providers are not directly responsible for data collecting, they are subject to strict regulations. These organizations must plan and enhance their procedures in order to attain compliance. As per GDPR requirements, they should also review their technological platforms and data architecture, including diverse information systems, websites, databases, data warehouses, and data processing platforms. In addition, they should also hire Data Protection Officers (DPOs) and respond to any data breach within 72 hours.

Healthcare

GDPR laws have drastically affected patient data management. Under this legislation, Every patient has more control over information collected from them and they have access to this data and how it is used. The data can only be saved or retained for a certain amount of time, and there are also limitations on how it may be stored. GDPR also provides healthcare businesses with detailed information regarding their patients, which helps them to provide more accurate treatments at reduced rates. Furthermore, GDPR includes a right to be forgotten provision that allows individuals to permanently delete their data.

Enrolling in GDPR Foundation Training in Isle of Man helps individuals in gaining knowledge about the legal requirements of the General Data Protection Regulation as well as practical skills in applying GDPR principles in an organization.