The EU’s new data protection regulation is complex to understand and implement. GDPR365 reduces the risk of non-compliance by giving each company an intuitive cloud-based hub with customised, thoughtful workflows to simplify the compliance process by organising it into clear, simple and assignable tasks.
In May 2016, the European Union (EU) passed a EU-wide data protection regulation known as the GDPR. It goes into effect on May 25, 2018. The GDPR regulates how companies protect the personal data of EU data subjects (EU citizens and residents). It will introduce disruptive challenges for many organisations. The regulation will impact an organisation’s legal, compliance, information security, marketing, engineering, and human resource practices.
The law protects EU data subjects. It extends beyond the EU’s borders and affects companies without offices or data centres in the EU. Any organisation offering goods or services in the EU, collecting data on EU data subjects or employing EU residents will have to be compliant.
Many organisations are ill prepared. But May 25, 2018 is approaching fast. Organisations will need urgently to allocate budget and resources to implement the required governance processes and controls, case management tools and infrastructure security to achieve compliance. Failing to do so comes at a high risk. Penalties for non-compliance can include fines of up to €20 million or four percent of worldwide annual turnover, whichever is higher. Failure to comply can also cause serious damage to a company’s customer and partner relationships, public image and brand value.