The European Parliament adopted the General Data Protection Regulation (GDPR) in April 2016. GDPR provisions require businesses to protect the personal data and privacy of EU citizens. The regulation applies to every company that processes personal data of EU residents, regardless of where the company is located, hence many U.S. companies must achieve GDPR compliance.
Beginning in May 2018, the EU gave regulatory agencies greater powers to act against non-compliant organizations. Penalties include stiff fines of up to four percent of annual global revenue or 20 million euros, whichever is greater.
Implementing a plan for GDPR compliance can prove to be complex. Fortunately, a capable business technology provider can help organizations accelerate their response to the legislation and avoid the penalties.
The first step to GDPR compliance involves understanding the law. In general, the new regulations affect three main areas:
Compliance with GDPR regulations can prove challenging, requiring organizations to devote significant resources to the effort. So how can technology providers help organizations accelerate their response to the legislation and become GDPR compliant?
The GDPR regulations apply to all companies that process personal data of European residents. This includes companies with fewer than 250 employees where data processing impacts the rights of data subjects or includes certain types of sensitive personal data. In effect, the regulations apply to nearly all companies.
Violations of basic principles of the GDPR can result in fines that could prove devastating, particularly to a small business. There are two tiers of non-compliance:
In addition to fines, other penalties can prove incredibly harmful to your business. Violators may suffer a withdrawal of certification or a ban on processing personal data. Damage control can be costly to both the wallet and the reputation.
If the risks of non-compliance fail to provide motivation enough, consider the benefits of complying with GDPR regulations. The law provides an opportunity to reevaluate and improve your overall cyber-security strategy and data management.
For instance, with the findings of an audit, you will eliminate redundant, obsolete and trivial files. In addition, the transparency and responsibility you demonstrate will help you build more trusting relationships with your customers and the public.
GDPR compliance also allows you to increase marketing return on investment. Once you implement an opt-in policy and have a data subject’s consent to process their personal data, you will be able to increase the effectiveness of your digital advertising. You can tailor your message to the specific needs and habits of a clearly defined audience that has more interest in your brand.
A business technology firm that is well-versed in GDPR regulations can prove to be an invaluable trusted partner in your compliance journey. The experts at competent technology providers will broaden your understanding of GDPR compliance, identify issues you may not have considered, help you realize the myriad benefits of GDPR compliance, and direct or assist in your compliance effort.
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