Issue link: https://viewer.e-digitaledition.com/i/1031255
AACREDITUNION.ORG | 11 behemoth, along with many of the globe's most popular sites, have been planning on these updates for quite some time. The reason? A European Union law known as the General Data Protection Regulation, or GDPR, that completed a two-year transition period on May 25 following adoption by the E.U. Parliament in April 2016. What is the GDPR? Designed to standardize data privacy laws throughout Europe, the GDPR places restric- tions on how personal data is collected and exploited while giving users a much clearer pic- ture of — and increasing control over — how it is gathered by companies. The new regulations apply to U.S.-based orga- nizations that process the personal data of E.U. citizens, spurring the compliance evidenced by How do the new policies help protect your data? Along with territorial jurisdiction, the general guidelines established by the GDPR include: • Fortified conditions for consent in an easily accessible form, meaning companies can't hide behind pages of illegible legalese and must use clear, plain language • Breach notification to individuals potentially affected within 72 hours of becoming aware • Information transparency by informing con- sumers when, where and why their personal data is being used, along with an electronic copy of the data free of charge • The right to be forgotten, which allows you to have personal data erased and or/halt future dissemination • Data portability that allows you to receive your personal data and transmit it to another con- troller • Privacy by design, making it a requirement during the creation of a site/app rather than an add-on • Data protection officers responsible for over- seeing data protection strategy Fines for noncompliance can reach up to 4 per- cent of a company's annual global revenue, or the equivalent of 20 million euros, whichever is higher. With stakes now this high for misuse of data, you'll continue to see notifications go out updating users on privacy policies and, just as importantly, seeking consent. Resist the urge to delete or ignore them — knowing how to control your data is more important than ever. American Airlines Credit Union To view the Credit Union's privacy notice, log in to online banking, click on "Account Services" in the left hand menu and select "Statements & Notices." Then click "Other Documents." the flood of privacy policy updates. Several U.S. companies like Microsoft and Twitter have pro- actively extended their revised policies to users worldwide. What's clear is that a new standard for data privacy is being set through adherence with the GDPR.