Video: General Data Protection Regulation (GDPR)

In this lesson, Nick Palazzolo, CPA, breaks down the details and implications of the General Data Protection Regulation (GDPR), a crucial framework for data protection in the European Union and beyond. He explores how GDPR offers robust protections for personal data, impacting companies worldwide that handle information from EU residents. Nick simplifies complex GDPR concepts, explaining the six foundational principles like lawfulness, transparency, and data minimization, and touches on the practical responsibilities for organizations - from securing data to reporting breaches. He also highlights how understanding GDPR is essential for professionals working with or auditing companies that engage with European markets, providing clear examples of what compliance looks like in everyday business operations. This lesson is a deep dive into why GDPR is not just a legal requirement but a crucial aspect of global business ethics and practice.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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GDPR, all right, this is a good one, good on the EU. Come on, US, Canada, everyone else, let's catch up. The General Data Protection Regulation. Now this is a comprehensive data protection law that applies across the European Union and the European Economic Area. So this, I'm not the most foremost expert in absolutely every framework here, but I would say this is generally a good thing, right? This is very much gonna protect your data so we talk about VPNs, data brokers, all that stuff out there, nefarious people stealing your data. So the EU took it into their own hands to create various rules and regulations to protect the citizens within the EU and the European Economic Area, making sure that, again, people's personal data is hopefully more secure because of this. It also impacts organizations outside these areas if they process personal data of individuals residing in the EU or the European Economic Area. So you see why this would be important. You work for a company, you're an accountant for a company or you're auditing or doing tax for a company that obviously has some sort of connection to Europe, you have to understand and abide by these rules. You can't just, let's say if I'm doing an audit for a company that has a European branch and I get access to the personnel files from that European branch, I can't just, oh, just send out that file without a password. That's just a basic example, right? Is putting a password on a file that has European citizens' personal information on it. But again, there are a lot of other regulations you need to follow. People wanna hire you for various roles because you have expertise in certain frameworks. Obviously GAP, some jobs want you

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