General Data Protection Regulation GDPR

{
  "id": "MLC-T-INS-001632",
  "term": "General Data Protection Regulation GDPR",
  "field": "Insurance and risk management",
  "definition": "A regulation in European Union law on data protection and privacy for all individuals within the EU and the European Economic Area, also addressing the transfer of personal data outside these areas. The General Data Protection Regulation (GDPR) imposes strict rules on controlling and processing personally identifiable information, requiring organizations to manage data securely and transparently. Fines for non-compliance can reach up to €20 million or 4% of the firm's worldwide annual revenue from the preceding financial year, whichever is higher.",
  "url": "https://mlchart.com/terminology/insurance/general-data-protection-regulation-gdpr/"
}