Are you ready for the GDPR? If not, it’s time to work fast, because the GDPR represents a big challenge as well as an enormous opportunity.
Much has been written about the arrival of the EU’s General Data Protection Regulation (GDPR), and judging from many of the articles you might be forgiven for believing Armageddon is on its way! Yes, there are challenges, but it also allows more enterprising businesses to realise all sorts of benefits.
First of all, let’s not underplay them.
GDPR is the biggest overhaul of data protection legislation for two decades, but then again it has to be. The way in which businesses make use of data has changed out of all recognition during that time and regulations have failed to keep pace.
The GDPR is a much overdue attempt to redress the balance.
What it means
The main aim of the GDPR is to give people a far greater say in how their data is used.
Businesses will have to obtain active informed consent and must be able to move or delete data when required.
A business might also be required to hand over data to its rivals if the customer demands it.
There will be fines for non-compliance
The aspect which has really caught the media’s eye are the consequences of non-compliance.
Depending on the severity of the offence, businesses might be fined anything up to €20million or 4% of their global turnover, whichever figure is higher. The impact could be devastating even for larger financial services firms – for smaller operators, it could spell the end.
That has been enough to prompt dire warnings of how much this could cost firms. A report earlier in the year warned that FTSE100 companies could face $5bn in fines. It’s an alarming figure especially as a report in October suggested only 5% of companies were ready for the GDPR.
Preparing for GDPR
To get ready for the GDPR many businesses will need to invest substantially to improve their procedures. Just how much of an interruption this is, and how expensive will depend on the measures they put in place.
A key issue is data security and integrity.
Under the GDPR, any company which suffers a data breach must notify the authorities within 72 hours. Many businesses would be unable to guarantee such a fast response time. With current processes, a company’s data can be breached without the business knowing it.
One of the biggest challenges, then, is to improve security detection protocols, to identify when a breach occurs.
Make a Disaster Recovery Plan
Businesses will need to implement disaster recovery capabilities which enable them to respond effectively when a breach occurs.
Data management services must also improve to deliver enhanced visibility and access for customer data. Businesses will need to quickly see what data they hold on customers, and move it as quickly and smoothly as possible.
It is always worth remembering that the GDPR represents more than just a compliance hurdle. It should also be seen as an opportunity.
It’s a chance to improve privacy, harness the power of data and make sure you’re in pole position to thrive in the digital economy.
Data is an increasingly valuable opportunity, and those who manage it effectively will gain a critical foothold in a market which is becoming increasingly demanding. Key to this will be the use of technology.
State of the art compliance management software delivers the visibility users require, helping them to respond to an attack more quickly, improve their security and harness the value of all that data.
Even so, mistakes will be made along the way.
The environment will continue to shift as regulators seek to adapt their approach to a more fluid and unpredictable digital economy.
That’s why Information which can help managers stay abreast of their compliance requirements and learn lessons from real-life examples, will help companies to stay GDPR-compliant and avoid those eye-watering fines.
This is where Enforcd comes in. Much is being written about the GDPR in the run-up to the deadline and new insights are emerging all the time. The value of our platform is its ability to not only amalgamate expert analysis into one easily accessible place but also to enable you to share that information with your team.
There is a huge amount of information on the GDPR available and without solutions to cut out the chatter and reduce the noise, it will be difficult to focus on the key information you need to stay compliant.