In May 2018, a European privacy law is due to take effect that will require big changes, and potentially significant investments, by organisations all over the world – even for the likes of Microsoft.
Known as the General Data Protection Regulation (GDPR), the law imposes new rules on companies, government agencies, non-profits, and other organisations that offer goods and services to people in the European Union (EU), or that collect and analyse data tied to EU residents. The GDPR applies no matter where you are located.
The GDPR represents an important step forward for individual privacy rights. It gives EU residents more control over their “personal data” (which is precisely defined by the GDPR). The GDPR also seeks to ensure personal data is protected no matter where it is sent, processed, or stored.
The law updates European privacy regulations for the first time in more than two decades, bringing them more in line with current technologies, and increases the uniformity of privacy regulations across the EU’s member states.
The GDPR is also a complex regulation that may require vast changes in how you gather and manage data. Sysco Software have a long history of helping our customers comply with complex regulations. When it comes to preparing for the GDPR, we’ve got your back.
Why should Irish and UK Companies care?
The GDPR contains many requirements about how you collect, store, and use personal information. This means not only how you identify and secure the personal data in your systems but also how you accommodate new transparency requirements, how you detect and report personal data breaches, and how you train privacy personnel and employees.
Given how much is involved, you should not wait until the regulation takes effect to prepare. You need to begin reviewing your privacy and data management practices now. Failure to comply with the GDPR could prove costly, as companies that do not meet the requirements and obligations could face substantial fines and reputational harm.
Companies can be fined up to €20m or 4% of annual global turnover, whichever is greater, for failure to meet certain requirements of the GDPR. Additional individual remedies could increase your risk if you fail to adhere to the GDPR requirements.
How much will it cost to become compliant?
Meeting compliance with the GDPR will cost time and money for most organizations, though it may be a smoother transition for those who are operating in a well-architected cloud services model and have an effective data governance program in place. Sysco helps customers with all of the above.
For more information contact us today at email@example.com