What is GDPR?
Proposed initially in 2012, GDPR stands for “General Data Protection Regulation”. It was initiated four years ago with a motive to create consistent data privacy laws in all of the EU member states. Going to be effective soon, GDPR will replace the conventional Data Protective Directive of 1995 which was made based on the set of recommendations to guide EU countries to create their own data privacy laws.
What are the requirements of GDPR?
There is a complete and lengthy document stating the full text of GDPR. However, some of the main points which will have a direct effect on your business are listed below:
- The firms dealing directly with the processing of EU consumer data can be held responsible for breach of data
- In case, an individual no longer wants his or her data to be processed or used by the company then the company is responsible to immediately delete that data keeping in view the basic legislative requirements of storing that data
- It is the responsibility of the firm to designate a data protection in-charge, who, in turn, will be responsible for the processing of highly sensitive data of consumers or collect any information from them. In this clause, small businesses, in which data processing is not done, will be exempted.
- In case of any serious data breach, the companies are required to immediately inform the concerned authorities.
- In case of children under a certain age (from 13 to 16 years), the consent of parents is required before they can use social media.
- Owners of the data and individuals have every right to data portability in order to make it easy for them to store and transfer their day.
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How can you prepare your company for GDPR?
In order to prepare your company for GDPR, you should consider following the steps mentioned below:
Consult an expert
Hire the services of a legal expert to understand the privacy laws and the way in which these can affect your business.
Train your team
Carry out a proper training of your relevant personals who are directly dealing with the sensitive data of the consumers. Make sure that they understand the concept of “data protection”. GDPR awareness must be an important part of the budget of your company.
Take services of a compliance officer
In case of both small and large businesses, you must hire a compliance officer to review your current privacy laws and their compliance with GDPR. The compliance officer will be a highly skilled professional who will address all the issues related to data privacy laws in your company.
Organize your data
It is always recommended to categorize your company’s data. Highlight the data which comes under the jurisdiction of GDPR. Once you are done with it, manage it in a different and secure way. For example, you might want to consider restricting access to that data to everyone on board in your company.
Have a lawyer, review your contracts
In order to be further sure about the compliance of your company with GDPR, you can hire the services of a lawyer. Lawyers dealing with data privacy concerns have a fair idea regarding the storing, processing and accessing of consumer data in businesses worldwide. He will provide his valuable input to make your company meet the regulations of GDPR.
When will be the GDPR implemented?
European Union’s General Data Protection Regulation will be enforced on May 25, 2018. It is to be noted here that according to a survey carried out in EU, only 33% companies said that their business plans comply with the GDPR.
What should you avoid doing to be GDPR compliant?
Making your company become GDPR is a task which cannot be achieved by the individual alone rather it would require an effort of the team as a whole. So, don’t be over-confident and think that you can make your company GDPR complaint alone. Also, don’t panic since regulations like GDPR will keep on coming each year due to rapid innovations and advancement in technologies. If you want to become successful in becoming GDPR complaint, then you need to stop worrying. Don’t think that you can make your company GDPR complaint by just subletting this task to a third-party IT vendor. History is full of the incidents in which the owners relied solely on the progress of third party service providers who let the owners down in the end. Mentioned below are a few other pointers that you should avoid doing:
- Do not collect data of individuals without their consent.
- Do not use an individual’s data for any purpose once he or she has halted its use.
- Do not store an individual’s IP address without his or her consent.
Will GDPR be an effective regulatory framework in IT world?
Of course, GDPR will turn out to be an effective step taken in order to protect the data rights of the consumers. The long-awaited transparency in handling and processing of the consumer’s data will finally be visible. The highly private and valuable information of the consumers will finally be safe and secure. The newly implemented GDPR will make the citizen’s right come first.
For business owners, GDPR implementation will bring good news as well. The companies will have to change their data retention policies which would lead to the reduction of the digital footprint of the stored data reducing the size as well as the cost associated with data storage. Other operational costs related to processing and accessing of the stored data will also get reduced resulting in a cost-effective business model of the company. Businesses dealing with online transactions on daily basis will have a more secure and private operating network which will be free of fraud and data breaches.
With the implementation of GDPR, the firms will be able to consolidate the personal data of consumers on single platform forming “Customer 360 View”. This will enable companies to better respond to customer requests.