After 4 years of negotiation, today the European Parliament adopted the General Data Protection Regulation (“GDPR“). In doing so, it signaled the end of the EU approval process and put businesses on alert that they now have two years to prepare for compliance.
The finalization of the GDPR has implications not only in the EU but globally. Businesses around the world that wish to operate in the EU, provide services and goods to residents in the EU, or monitor the behavior of residents in the EU, will need to comply with the new laws.
The GDPR builds on existing EU privacy laws but includes significant changes which increase the protections already afforded to personal data.