3 Trends for the Future of Data Privacy
One Year of GDPR from the Perspective of a Privacy Tech Startup
On May 25 2018, the EU’s General Data Protection Regulation (GDPR) went into effect. Even though data privacy laws have existed previously, GDPR was the first of its kind, mainly due to its key principles for the collection of personal information. These core principles are the requirement for explicit and informed consent by the data subject, the right for information and the right to be forgotten. Another novelty introduced by GDPR is the risk of hefty fines of up to 4% of global annual revenues for companies that don’t follow the rules.
Since the beginning of GDPR, data privacy has increasingly been at the center of attention for both the general public and companies worldwide. From the developments within the last year, three main trends for the future of data privacy can be derived.
1. GDPR is the Global Standard for New Privacy Laws
Shortly after the introduction of GDPR, it was noted that — as the rules apply to foreign companies as well — Europe has, de facto, developed a new global data privacy standard. Several countries like Brazil, India and South Korea have already been following Europe’s lead adopting GDPR’s key principles. Meanwhile, China is…
