How does GDPR impact global businesses?
An example of an AI chatbot conversation about GDPR's effects on international business operations.
What is GDPR and why is it important for global businesses?
GDPR stands for General Data Protection Regulation. It's a regulation in EU law on data protection and privacy, crucial for businesses that handle personal data of EU citizens.
How does GDPR affect companies outside of the EU?
Companies outside the EU must comply with GDPR if they process the personal data of EU residents, which can include significant fines for non-compliance.
What are the main requirements of GDPR that businesses need to follow?
Key requirements include obtaining explicit consent for data processing, ensuring data protection by design, and allowing individuals to access their data.
What are the penalties for violating GDPR?
Penalties can be severe, with fines reaching up to 4% of a company's global annual revenue or €20 million, whichever is higher.
Can you give examples of companies that have faced GDPR fines?
Yes, notable examples include Google, which was fined €50 million for lack of transparency, and British Airways, which faced a £183 million fine for data breaches.
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