This new regulation was put in place to make sure companies take the necessary steps in securing their customers data.
In our day and age; data is everything, we store personal information about individuals that is highly sensitive. The general idea behind the GDPR is to ensure that companies, that store any form of data, take every reasonable step in protecting the data that they hold.
By not complying to the GDPR standards, a company can face monumental fines for their neglect of the law.