GDPR is a complex document and studying

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Sirota does not recommend viewing these costs as losses alone. Much of this will be related to revising data storage regulations and access policies, but these costs do not compare to the benefits that companies will receive once the GDPR comes into effect. But in order to find these benefits, you need to take a holistic approach to understanding the essence of the document.

" each point separately will disrupt the overall picture of data perception. You must see the data horizon, understand what data there is and where it is stored. Based on this, the company can establish the access rights of the data subject, obtain consent from him for processing, respond to controversial situations, manage records of processed data and much more," the expert said.

The expert compares data to engine oil: “You can iran mobile database any oil in an engine, but it will only work best when it is filled with the right oil. The same is true for data. It can be owned, stored and protected, but its true value is only revealed when the essence hidden within it is understood.” He also added that in order to maintain transparency, the GDPR provides for the deletion of duplicate lists, map information, secret keys and other data.

Saving on insurance risks and avoiding civil lawsuits
The cybersecurity market has seen explosive growth in recent years, with annual gross insurance premiums expected to reach $7.5 billion by 2020. Companies that strictly adhere to the GDPR can save significant money on their annual insurance premiums, but they are required to notify regulators (and in some cases data subjects) of any breaches involving personal data within 72 hours of discovery.

A prime example of this unflattering treatment of users is Yahoo. Last October, the company retroactively disclosed that 3 billion accounts had been compromised in a 2013 hack. As a result, Yahoo faced a slew of civil lawsuits alleging cover-ups, leaked personal data, and demands for full compensation for damages. Yahoo might have avoided the lawsuits if it had reported the accounts in a timely manner. After May 25, companies will be required to take such steps.