By ET Bureau - July 01, 2020 1 Mins Read
The EU is expected to make an exception for South Korea for its GDPR so that the companies’ data transfer from their business places globally does not result in fines.
The South Korean government and the EU are at the final stage of their negotiations on the
issue. They have already reached a substantial agreement, and the provisional approval is
expected to release soon.
GDPR prohibits the unauthorized external transfer of data collected by an enterprise from an EU citizen. Any violation leads to equivalent fines to the bigger one of up to 4% of the global sales and 20 million Euros. This exception to be discussed in the South Korea-EU summit, anticipating a positive outcome.
To Read More: Businesskorea
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