What is the purpose of the General Data Protection Regulation (GDPR)?

The General Data Protection Regulation (GDPR) is primarily focused on ensuring data protection in EU law. Its main objective is to provide a framework that governs the collection, processing, and storage of personal data of individuals within the European Union. By setting strict guidelines for organizations that handle personal data, GDPR aims to secure privacy, empower individuals with greater control over their personal information, and establish accountability among data controllers and processors.

The regulation emphasizes individuals’ rights regarding their personal data, including the right to access, rectify, and erase their data. It also includes provisions for consent, data breaches, and cross-border data transfers, making it comprehensive in promoting data safety and privacy.

The incorrect answers do not accurately reflect the primary focus of GDPR. While financial transactions and consumer rights are important areas of regulation within the EU, they fall under different laws and regulations. Managing health information security might pertain to other specific regulations such as HIPAA in the United States and is not the central purpose of GDPR. Thus, the specific role of GDPR is centered on data protection, making the correct answer clear.