The EU General Data Protection Regulation (GDPR) entered into force on the 25th of May 2018. Since that time, companies have spent billions of dollars to ensure compliance with the new law. Just the top 500 U.S. companies spent about $7.8 billion to comply with the strict requirements of the GDPR. Despite the extensive media coverage of the GDPR, many myths still surround this rather new EU law. In this article, we discuss five of them.
Myth 1: GDPR is an EU law that does not apply to non-EU companies.
The principle of territoriality often applies to the field of law. It means that legal instruments adopted in one country are valid only in that country. For example, a U.S. patent provides patent protection in the United States only.
To read the full article, please visit https://www.techopedia.com/5-common-myths-about-the-gdpr/2/33840.