The General Data Protection Regulation refers to a platform where the European Parliament, European Commission, and Council of the European Union intend to unify and strengthen data protection for persons within the European Union. It addresses the transfer of personal information outside the EU.
The GDPR aims at bringing together the EU regulation to simplify the governing environment for international business. It also gives residents control over their data.
The new data protection regulation replaced the1995 EU Directive on statistics protection. This harmonized and modernized regulation applies to all entities even those outside Europe. It mandates specific provisions and protections for organizations that monitor and process personal data on EU citizens. Non-compliance cost is significant, with a penalty of 4 percent of total global turnover or €20 million fine.