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GDPR: Here's what you need to knowThe EU's new privacy law takes effect Friday. Here are the basics.
[MUSIC] The GDPR or General Data Protection Regulation is a new law that lets EU residents have more control over their personal data. It lets them request all the data that a company has collected on them. It also lets them ask a company to delete all that data and it requires companies to tell EU residents within 72 hours of a data breach. That effects their data. [BLANK_AUDIO] The GDPR applies to EU residents and any company with a digital presence in Europe is required to comply with it. So that includes companies all over the world including tech giants like Facebook, Google, Microsoft and Apple [MUSIC] THE law doesn't apply to people outside the EU, some companies like Microsoft and Facebook have said that they will apply the GDPR protections to all people who use it's products And that will probably affect how those companies use their data. But it doesn't mean that you have the protection of that law, if you're outside the EU. So you can't file any formal complaints, or bring down any regulatory action on the companies, unless you're inside the EU. [MUSIC] Companies that violate the GDPR Can face very high fines, they go up as high as 20 million euros or four percent of the company's annual revenue from the year before. It does remain to be seen how high these fines will go in real life when the countries begin to enforce the law. [MUSIC]