The impact of the General Data Protection Regulation on commercial enterprises regarding the protection of personal privacy

Most businesses collect large amounts of consumer data. There are huge amounts of data points that cover nearly every internet user in the world. By collecting and processing personal data of data subjects, businesses are making serious profit from it. When data is collected, a virtual identity of a user is created and saved. The problems with data collection and virtual identities are their inaccuracy. Collection of user data can lead to a series of problems, such as security issues, creation of data segments which can encourage discrimination, targeted ads. The rapid change in the use and role of data in economic activity, as well as misuse of data require a shift in the regulatory framework. Since 95/46 numbered previous Data Protection Directive was not up to date with new developments in the technology sector, there was a need to adopt a comprehensive legislation about data protection and privacy at the EU level. The Directive was also unable to accomplish its primary objectives of ensuring uniformity and consistency among European Union member states' data protection laws. European Union General Data Protection Regulation numbered 2016/679 is the most comprehensive piece of legislation that has a significant impact that goes beyond the boundaries of the EU. GDPR theoretically protects the fundamental rights of data subjects as well as supports businesses to create a balance between the rights of both sides.This master's thesis concludes four main parts. In the first part, the reason why data collection is important is tried to be analysed. The second part looks at the legislative background of data protection in Europe. The next part examines the scope of GDPR, rights that are given to data subjects, obligations that are put on to data processing companies and novelties that have been brought by it. The last part of this master's thesis explores whether the GDPR is successful in maintaining the harmony between data subjects and businesses. Additionally, it addresses the existing difficulties that particular business structures face in complying with this Regulation. In addition, this thesis presents diverse viewpoints from academics and professionals in order to prepare a thorough analysis of the topic.