Comparison between GDPR and APRA CPS 234
Overview
GDPR and APRA CPS 234 are two sets of regulations designed to protect the security and privacy of personal data. GDPR is a set of regulations from the European Union that applies to any organization that handles the personal data of EU citizens. APRA CPS 234 is a set of regulations from the Australian Prudential Regulation Authority that applies to any organization that handles the personal data of Australians. Both sets of regulations require organizations to implement measures to protect the security and privacy of personal data, such as encryption, access control, and data minimization. However, GDPR has more stringent requirements for data processing transparency and consent, and requires organizations to notify authorities and affected individuals in the event of a data breach.
Contents
What is GDPR?
The General Data Protection Regulation (GDPR) is a regulation in EU law on data protection and privacy for all individuals within the European Union (EU) and the European Economic Area (EEA). It also addresses the export of personal data outside the EU and EEA. The GDPR aims primarily to give control back to citizens and residents over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU. It also provides for a harmonization of data protection laws across Europe, thereby making it easier for non-European companies to comply with these regulations. The GDPR replaces the 1995 Data Protection Directive. It became enforceable on 25 May 2018.
What is APRA CPS 234?
APRA CPS 234 is a set of regulations issued by the Australian Prudential Regulation Authority (APRA) in 2019. It outlines the requirements for all entities regulated by APRA to have effective information security management. The regulations are designed to help protect the confidentiality, integrity and availability of information assets, as well as the safety and soundness of the financial system. The regulations cover areas such as risk management, access control, data security, monitoring and incident response. They also require entities to implement measures to protect against cyber threats and to report incidents to APRA. The regulations are applicable to all entities regulated by APRA, including banks, insurers, superannuation funds, and other financial institutions.
A Comparison Between GDPR and APRA CPS 234
1. Both regulations are designed to protect the security and privacy of personal data.
2. Both regulations require organizations to implement technical and organizational measures to protect personal data.
3. Both regulations require organizations to implement measures to ensure the confidentiality, integrity, and availability of personal data.
4. Both regulations require organizations to ensure that personal data is only processed for specified, explicit, and legitimate purposes.
5. Both regulations require organizations to provide adequate data protection measures to protect personal data.
6. Both regulations require organizations to provide individuals with certain rights regarding their personal data.
7. Both regulations require organizations to inform individuals of their rights and how their data is being used.
8. Both regulations require organizations to report certain data breaches to the relevant authorities.
The Key Differences Between GDPR and APRA CPS 234
1. GDPR is a European Union regulation, while APRA CPS 234 is an Australian regulation.
2. GDPR applies to all organizations processing the personal data of EU citizens, while APRA CPS 234 applies to Australian financial institutions.
3. GDPR has a broader scope, covering all personal data, while APRA CPS 234 focuses on the protection of customer data.
4. GDPR requires organizations to appoint a Data Protection Officer, while APRA CPS 234 does not.
5. GDPR requires organizations to conduct data protection impact assessments, while APRA CPS 234 does not.
6. GDPR requires organizations to notify the relevant supervisory authority and affected individuals of data breaches, while APRA CPS 234 does not.