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Assignment : Understanding Business

   

Added on  2020-12-09

7 Pages1806 Words150 Views
UnderstandingBusiness

Table of ContentsINTRODUCTION...........................................................................................................................1QUESTION 2...................................................................................................................................1QUESTION 2...................................................................................................................................2CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONUnderstanding business is one of the most important part which a business owner shouldknow. It gives a detail about that how business should be operated and managed in order tocapture the market and grow (Basole and et.al., 2015). It provides a details which is important fora business and where it should invest. The following report contains detailed information aboutcause and effect relation and the meaning of GDPR, it also focus on the impact of GDPR onbusiness and customers and what are the benefits of GDPR. It also focuses on a career plan andwhat are the various other factors which affect career including digital marketing, roles of HRdepartment and various other important departments which can affect career plan.QUESTION 2GDPR:The General Data Protection Regulation (GDPR) is a legal framework which seta road map for the companies operating in European Union for collection and processing ofinformation collected from the individuals. It set various principles for management of data andindividual rights. This right of protection of data of individuals in EU was adopted in 2016 April.This provision of protecting customer data is pursuant across all 28 member of European Union,which indicates that all companies operating in EU have only one standard which is required tmeet within EU. The types of privacy data which are required by companies to protect underGeneral Data Protection Regulation are Basic identity which includes name, address, and IDnumbers, Health and Generic Data, Racial or ethnic Data, Biometric Data, Political Opinions andWeb data which may include IP address, Location, RFID tags and cookie data.Impact of GDPR on Business: The implication of GDPR has affect businesses in manyways, various companies who uses data of their customers to deliver their products and serviceshave to follow new guidelines given as per the GDPR. The new guidelines include protection ofdata which will increase the cost of security, companies have to incur additional expenses toimprove its security compliances and set up various new cyber security system in order tocompliance with the new General Data Protection Regulation (Blackburn, Hart and Wainwright,2013). If companies does not follow new guidelines related to data monetization and privacyregulations they have to face unexampled penalties, litigation and fines along with this newheavy penalties this regulation has set up a more constrained business practices and highercompliance bar. After the implementation of GDPR it is made compulsory for companies to1

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