The Latest EU Data Privacy Regulations

Seminar paper from the year 2023 in the subject Politics - Topic: European Union, grade: 1,0, University of Dusseldorf "Heinrich Heine", language: English, abstract: The digital age has revolutionized our lives, offering convenient access to information and services. However, this convenience comes at the cost of data privacy. With a vast majority of the EU population using the internet in 2021, personal data exchange is rampant. Surprisingly, despite privacy being a human right, only 39% of internet users read data protection policies before sharing their personal information. To safeguard personal identities, the General Data Protection Regulation (GDPR) was introduced. While it empowers consumers, it also impacts businesses, especially in terms of competition. This literature analysis delves into the GDPR's effects on companies. The GDPR sets essential principles, making it applicable to all firms processing EU citizens' data. Compliance involves various measures, contingent on data processing volume and method. The GDPR grants consumers rights, including being informed, access, being forgotten, objection, and data portability. These rights offer benefits to companies, fostering trust and enhancing their competitive edge. Companies complying with GDPR have gained more customers and partners, bolstering their market position. Nevertheless, many companies view GDPR negatively, fearing legal uncertainties and curtailment of business activities, particularly affecting innovative, digital firms. GDPR may weaken the competitive position compared to non-GDPR competitors, as it increases costs and causes the loss of some collaboration partners. In conclusion, this analysis demonstrates that the GDPR has had an adverse effect on companies, particularly concerning their competitive position. It suggests implementing the GDPR as a uniform standard framework to ensure fair competition among companies, addressing the law's uneven impact. This work contributes to the understanding of the GDPR's impact on businesses, highlighting the need for more research in this area, which currently tends to be consumer-centric.