General Data Protection Regulation

General Data Protection Regulation (GDPR) is a comprehensive data protection law enacted by the European Union (EU) in 2018. Its primary goal is to protect individuals' privacy and personal data within the EU and the European Economic Area (EEA). 

GDPR applies to all businesses and organizations that process or handle the personal data of EU/EAA residents, regardless of where the company is located. 

Key Requirements of GDPR

1. Data Protection Principles: GDPR mandates that personal data be processed lawfully, transparently, and for specific, legitimate purposes. It should be accurate, kept up to date, and retained only for as long as necessary.

2. Consent: Businesses must obtain explicit consent from individuals to process their personal data. The consent must be informed, freely given, specific, and unambiguous.

3. Data Subject Rights: Individuals have the right to access their data, correct inaccuracies, request data deletion (right to be forgotten), object to or restrict processing, and have the right to data portability.

4. Data Protection Impact Assessments (DPIAs): Businesses must conduct DPIAs to assess risks to personal data and implement measures to mitigate those risks.

5. Data Breach Notification: In the event of a data breach, businesses must notify the relevant supervisory authority within 72 hours and, if necessary, inform affected individuals.

6. Data Protection Officer (DPO): Certain organizations must appoint a DPO to oversee data protection activities and ensure compliance with GDPR.

7. Accountability and Record-Keeping: Businesses must maintain records of data processing activities and demonstrate compliance with GDPR principles.

Consequences of GDPR Non-Compliance

Failure to comply with GDPR can result in significant penalties, including:

1. Fines: For the most serious breaches, businesses can face fines of up to €20 million or 4% of their annual global turnover, whichever is higher. Lesser violations may incur fines of up to €10 million or 2% of global turnover.

2. Reputational Damage: Non-compliance can harm a business's reputation, leading to loss of customer trust and potential business opportunities.

3. Legal Action: Individuals may sue businesses for violations of their data protection rights, potentially leading to costly lawsuits and compensation claims.

4. Operational Disruptions: Non-compliance may result in orders to halt data processing activities or other operational restrictions imposed by supervisory authorities.

How Finite State Helps You Comply with the GDPR

Finite State can complement your data protection efforts by strengthening your data security capabilities, particularly by: 

• Enforcing Secure Coding Practices: Seamless integrations into existing CI/CD pipelines automatically analyze source code and compiled binaries for common security vulnerabilities and coding errors. This allows engineers to identify vulnerabilities hidden deep within legacy code and third-party libraries and detect and address issues early in the development process.
• Real-Time Threat Detection: Integrations with vulnerability databases provide up-to-date information on the latest threats and exploits, allowing for the proactive identification of potential risks before they can be exploited.
• Automate Vulnerability Identification: Using our advanced binary and source code SCA, vulnerabilities can be identified as they're introduced across the SDLC to help teams keep applications secure.
• Comprehensive SBOM Solutions: Automatically generate Software Bill of Materials throughout the SDLC and easily compile detailed information on all components in your products, including open-source libraries, third-party dependencies, and custom code to improve transparency and identify potential security risks in your software supply chain.

Strong cybersecurity requires a collective effort. Talk to the team today to discover how Finite State can help you comply with GDPR.