The European General Data Protection Regulation (GDPR), which aims to safeguard the digital data of Europeans, entered into force today. The regulation applies to all companies on a global scale, including Georgia.
The reason being is today, GDPR goes into effect and if a business isn’t compliance, then hefty fines and penalties await.
What Is GDPR and Why Is It Necessary?
The General Data Protection Regulation (“GDPR”) is a legal framework that requires businesses to protect the personal data and privacy of European Union (EU) citizens for transactions that occur within EU member states. It covers all companies that deal with the data of EU citizens, specifically banks, insurance companies, and other financial companies.