Nowadays, Internet has dramatically changed the way we communicate & manage our daily tasks. We send emails, share documents, do bill payments, do online shopping & many more activities by sharing our personal data online without thinking for fraction of a second.
Here we are considering banking information, addresses, contact numbers, your IP addresses, social media & websites you visit are all stored digitally. Companies collect such type of information to serve you better & provide relevant communications for better customer experience.
But is that really for what they use the data for?
This is the question that has been asked and answered by the EU, and why in May 2018 a new European privacy regulation called GDPR will be enforced and permanently change the way you compile, store and use customer data.
It has been found that 80% of businesses know few details or nothing about GDPR, who are & will continue to deal with the European community. Is your organization is prepared for GDPR?
This is the reason, we will going to talk about GDPR today & how you can start preparing for GDPR.
What is GDPR?
The European Union General Data Protection Regulation (GDPR), — described as “the most important change in data privacy regulation in 20 years” — becomes enforceable by law on May 25. This regulation will be implemented in all local privacy laws across the entire EU & EEA region. It will be applicable for all companies selling to & storing personal information of European, including companies in other continents. It provides greater control over personal data of EU citizens & security assurance too.
The GDPR is the EU’s way of giving individuals, customers, contractors, and employees more power over their data and less power to the organizations that collect and use such data for monetary gain.
What can companies do to Get Ready for GDPR?
Gartner predicts only 50 percent of companies impacted by GDPR will be compliant by the end of 2018. So, what can organizations do to get ready?
A key component of the GDPR legislation is privacy by design.
Privacy by design requires, all departments in a company look closely at their data and how they manage it. There are many things a company will have to do in order to be compliant with GDPR. Here is the list of few things to get started:
- Find out, assess & modify existing technical, organizational security measures
- Review cyber insurance policies to ensure they sufficiently cover the costs of a data breach
- For third-party vendors/processors:
- Implement/amend existing due diligence procedures to cover data protection/security
- Check existing contractual terms & amalgamate new mandatory GDPR requirements, including specification of the mandatory breach-reporting obligation and distinct security measures.
- Create procedures for handling personal data.
According to PwC Survey , 68% of U.S.-based companies expect to spend $1 million to $10 million to meet GDPR requirements. Another 9 % expect to spend more than $10 million.
Data is the most valuable property in the evolving digitized world. Companies who show they value individual’s privacy who are transparent about how data is used, improved ways of managing data throughout its life cycle build 100% trust & retain loyal customers.
May 25th, 2018 is cut-off for all organizations to be compliant with GDPR. If you haven’t started your drive, then start it now! For any query you can connect directly.