GDPR: The Race for Compliance
On April 14, 2016 the EU Parliament approved the General Data Protection Regulation – GDPR. This initiative is designed to regulate the way our personal data is being collected, processed and used and our basic human rights to privacy.
GDPR set May 25, 2018 as the due date for all organizations to comply with the regulation with fines for non- compliance reaching as high as €20 million or 4% of annual global turnover (whichever is greater).
As the due date draws near, more companies enter the GDPR compliance process, sending a message to clients, suppliers and business rivals that they are ahead of the curve in information security and leaders in privacy protection.
It’s All About Perception
Many managers and board members feel overwhelmed by the complex 99-article regulation. There are information assets to map, reasonable information security efforts to demonstrate, data protection officer to hire and more.
According to a recent survey, a staggering 52% of companies believe they will be fined due to non-compliance with GDPR. Here is why your company shouldn’t:
Boost Your Business
Complying with GDPR doesn’t have to be the bitter pill everyone’s avoiding. Coupled with business goals and strategies, it can actually have a few benefits to promoting business growth and not just in ducking a €20 million fine.
1. GDPR compliance means that your company protects its customers’ privacy. This increases brand awareness and likability.
2. Lowering the risk of data-breaches reduces the company’s exposure to massive drops in share price, bad publicity and potential lawsuits as we’ve seen with the Equifax data breach in mid-2017.
3. Complying with GDPR WILL Increase the company’s level of information security.
4. Last but not least and probably most important – complying with GDPR actually protects your clients’ privacy.
Get on board the GDPR train
Complying with GDPR may not be as complicated or difficult as it might first seem. Although lengthy, this document was written to facilitate a structured organizational process.
Finally, if you need further assistance we're always here to help.