GDPR Compliance – Is your business ready?
Beginning 25th May 2018, a new set of rules and protection guidelines will be coming into force for businesses that handle personal data in any way. Are you ready for it?
GDPR stands for General Data Protection Regulation. A new privacy regulation, it will be imposed on organizations and businesses under the jurisdiction of the European Union. Indeed, any organization that collects and analyses data linked to EU residents, regardless of their location, will be affected by this regulation.
The GDPR mandates that your business protects the personal data of those it deals with – customers or employees. This new regulation requires all businesses to enforce the enhanced privacy rights of EU residents and mandates you to report any breach of privacy data security.
Any non-compliant organization would face significant penalties. Besides the breached customer and employee trust you will receive if found non-compliant, there is a penalty fine of up to 20 million Euros or 4% of your annual turnover. How can you ensure your compliance?
Preparing your business for GDPR compliance
The first step to moving your business into GDPR compliance is getting acquainted with the improved privacy regulations it proposes. We’ve highlighted a few of the upgrades and changes to current privacy protection guidelines below:
- Organizations should ensure proper protection of personal data;
- Consents must be obtained by organizations before data processing and records should be kept of any data processing
- Individuals can object to the processing of their personal data
- Individuals have a right to access their personal data
- Every individual should be able to correct and erase their personal data
- Organizations are compelled to make the process of data collection and processing transparent by notifying users of data collection, outlining the purpose and use of this data, and detailing data deletion or retention policies
- Authorities must be notified of any personal data breaches
The above pointers are a highlight of the major changes that have been made to the privacy protection regulations. However, you want to do well to fully acquaint yourself with this new policy. Read the GDPR thoroughly. Only then can you fully identify what compliance would mean for you.
At this point, you want to screen your data. Which personal data do you have? Where does it come from? Why do you have it? Do you really need to keep it? Map out all of the personal data available to your business, note their sources, identify where they are stored, and check to see if they are secure. If you do not have need for a particular data set and can’t justify keeping it, let it go.
Given all of the emphasis on data security, you want to review your data security measures. Work with a reputable IT support / Cybersecurity team to ensure that all of your data is secure. Establish measures that immediately alert you of any breach, just in case.
The implementation of this new policy might seem fairly expensive at first. But the cost of default is much more. This legislation is sure to be taken very seriously and you want to ensure you are on its right side. In the end, your business would gain as much protection from the GDPR as your customers and employees would.