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The General Data Protection Regulation

Cross-industry innovation

The European Commission has launched an ambitious program to establish a genuine European Digital Single Market (DSM) and to revitalize innovation. One of the key steps toward the creation of an effective DSM was the Commission’s consideration to review the existing legislation on data protection. The new General Data Protection Regulation (GDPR) aims not only to modernize the current data protection directive, but also to facilitate business development by simplifying and unifying the rules and thus preparing the groundwork for innovation, while strengthening the fundamental rights of citizens in the digital age. Recent studies show that over 90 percent of all companies are starting to prepare for the upcoming regulation.

Executive Summary

The adoption of the GDPR has received mixed reactions. The fear of additional expenses associated with data protection and the perceived costs for compliance already experienced in most industries are the main concerns. Critics also denounce an obsession of the European Union with the protection of privacy and data protection, which could drive the digital economy “two giant steps backward,” as claimed by the Information Technology and Innovation Foundation (ITIF). However, the Commission’s goal is not only to protect the right to data protection, which is one of the fundamental rights, but also to promote innovation.

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Inside magazine issue 15, June 2017

Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.

Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).

PDF - 13.8 MB
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