What is GDPR?
GDPR or General Data Protection Regulation is a law or act on data protection and privacy in the European Economic Area and in the European Union. The Protection Regulation also specifies the transfer of files and personal data outside the EEA and EU. It is one of the toughest security and privacy law in the world and GDPR compliance is highly recommended in case you are working with any PII data.
Failure to adhere to the regulations of GDPR can result in very hefty fines that can be a loss to your business. The fines are pretty huge and start from €20 million or 4% of the organization’s annual revenue.
This can be a much higher amount than you can expect. The main goal of GDPR is to bring transparency into the collection of data, storage and it’s usage. Instead of looking at it as an expense, classify it as an investment to build the confidence and trust of your customers.
Let us have a closer look at the top 5 things you need to know about GDPR compliance.
1. Doesn’t matter if you are based in the US or anywhere in the World
If you run a business in the US, do not be in the bubble that the GDPR does not apply to you. If you have customers residing in the EU, then this protection act applies to your business as well. The location of your company does not matter but if it has access to EU citizens personal data, then you need to follow the regulations.
2. Personal data is more than you can imagine
The purpose of GDPR compliance is to safeguard the right to protect personal data. This personal data can include anything from email, photo, name, bank details, social media posts, computer IP address, medical information. Even if your business has access only to the emails of the EU citizens, you too need to comply with GDPR.
3. Governance should be a priority
As your business prepares towards GDPR compliance, carefully pick out people who will work in this project. Make a plan and get people working towards the goal. It is best to include marketers to lawyers to security experts and more people from different sectors for the same. Aim to create a team that is cross-departmental as well as cross-regional too.
4. Legal advice is crucial
The first step that organizations should do towards compliance is to speak to a counsel. This is a crucial step that will help you through every stage of the process. At the same time, there are multiple firms today in the EU that specialize only in compliance. It is upto you to choose an internal legal team, an external team or go for a combination of these two.
5. Data Breach Preparation is important
The past five years have seen a surge in the number of security breaches. Also, it is a fact that many companies refuse to report such incidents. This has left people to avoid sharing their data to minimize the risk of their personal information being leaked. They cannot trust organizations or companies as they doubt their security parameters.