The General Data Protection Regulation (GDPR) harmonizes knowledge protection laws within the EU that are fit for purpose in the digital age. It is a game-changing privacy law set out on May 25th, 2018. GDPR imposes new rules on firms, government agencies, non-profits, and other organizations that offer goods and services to people in the EU, or that collect and analyze data tied to EU residents. Even organizations outside Europe got to be compliant, or otherwise face significant penalties. It has permanently changed the way businesses collect and analyze the data of their customers. The organizations have to be clear on their data collection and storage policies and ensure that the data is secured with improved control procedures.
All you need to know
These new rules play a crucial role at a time once each the quantity of information is skyrocketing and threats square measure growing at an analogous rate. Non-compliant organizations will face fines up to €20 million, or 4% of annual revenue – whichever is greater. These penalties square measure large and might seriously damage organizations of any size. Organizations which have been affected will be required to notify customers within 72 hours in the case of non-compliance. Adhering to GDPR has become mandatory for the organizations as a result of which businesses have started implementing processes to protect and document client’s data to be transparent in their proceedings. Many of the organizations are not fully prepared or have spent millions in assessing how their products and services impact data privacy and to stay GDPR compliant. For being in accordance with the new regulations organizations need to strategize their Compliance Management and Governance policies. The underlying principle of GDPR is that any data processing needs to be lawful, fair and transparent and will directly impact how Businesses use and share Customer Data. The organizations should be aware of the customer data they are holding and should be able to protect that data from getting lost and be able to hold all relevant Compliance mandates. The Board, the C-Suite, the Audit & Compliance departments, and the senior management are responsible for Regulatory Compliance and they should be able to define new policies and strategies keeping GDPR guidelines in mind regardless of how they manage their IT Infrastructure and Storage solutions. GDPR impact a broad vary of Business Processes, including Legal, Audit, HR, and Finance, not just IT. For ensuring GDPR Compliance, Organizations should focus on getting the Governance, Risk Management, Internal Audit & Cyber Security teams to work together in tandem and continuously address the ever-evolving Geopolitical risk landscape. Having a Technology centrical approach to GDPR compliance implies that knowledge protection becomes associate IT and Security concern, and not a Business challenge. This approach restricts GDPR Compliance to being a check-the-box activity, rather than taking it as a Competitive Advantage.
ConfidentG Agile GDPR Compliance Application
The inherent need of 360° Visibility and Strategic Enforcement presents a challenge for Companies globally wanting to be GDPR Compliant. Some of the major challenges around being GDPR Compliant is having a robust Data Handling and Data Storage tool/methodology which enables Integrated Risk Mapping and Compliance Auditing. Conventional techniques of addressing these challenges using Excel spread-sheets are time-consuming, tedious, ineffective and inefficient. Compliance Automation tools like ConfidentG Agile GDPR Compliance Automation application simplifies the process of being GDPR Compliant by leveraging Emerging Technologies for Data Storage/Handling, Reporting, and Compliance Testing. Our philosophy is to keep things simple. We research and work with Experts, Global Governance, Risk, Security, and Privacy specialists, Legal and Compliance Auditors and experienced Compliance Professionals to build the easiest to use and intuitive Governance, Audit, Compliance and Security Risk management systems investing our patent unfinished Governance as a Service® platform.
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