Term
GDPR (General Data Protection Regulation)
Abbreviation
GDPR
Definition
GDPR (General Data Protection Regulation) is a legal framework that sets guidelines for the collection and processing of personal information of individuals within the European Union (EU). The GDPR sets out the principles for data management and the rights of the individual, while also imposing fines that can be revenue-based. The General Data Protection Regulation covers all companies that deal with data of EU citizens, so it is a critical regulation for corporate compliance officers at banks, insurers and other financial companies.
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