![EU Parliament Approves Data Protection Update](http://www.ftp-sgpartners.net/tdceu/uploads/uploaded/European-Parliament-Strasbourg.jpg)
The EU Parliament Committee on Civil Liberties, Justice and Home Affairs gives the final seal of approval to the General Data Protection Regulation (GDPR), making it official EU law applying to all EU countries from 2018.
As a result, enterprises have little more than 2 years-- the deadline is 4 May 2018-- in order to be GDPR compliant. Companies based outside the EU also need to be compliant to the regulations if they want to do business within the Union.
An update of EU data protection laws was a long time coming. The result of 4 years of work, the GDPR replaces the pan-European regulation put in place back in 1995. It is influenced by both technological advances and the revelations brought about by Edward Snowden, and introduces new accountability obligations, stronger rights and restrictions on international data flows. Failure to adhere to regulations can bring about penalties worth either €20 million or 4% of overall annual turnover, whichever is the greater.
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