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10 Steps Enterprises Need to Take to Comply with GDPR
If your organization doesn't have adequate data protection measures in place, including assigning a data protection officer, you could face steep fines next May.
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Many IT leaders are worried about the General Data Protection Regulation (GDPR) law.
The European Union (EU) calls GDPR the "most important change in data privacy regulation in 20 years." Passed in April 2016, the EU law will become enforceable on May 25, 2018, which means companies are quickly running out of time to prepare.
In Ovum research commissioned by SaaS provider Intralinks, 52% of the IT decision-makers surveyed said they believe GDPR will result in business fines for their companies. In addition, 63% of respondents said the law would make it harder for US businesses to compete and 67% said the law will force them to make changes to their EU business strategy.
A separate 2017 study conducted by PwC found that 54% of executives at large enterprises said GDPR compliance is their top data privacy and security priority, and 38% more said that while GDPR wasn't their number one agenda item, it was one of the most important. Only 7% said complying with GDPR mandates wasn't a top concern.
The GDPR standardizes data privacy protections throughout Europe. It also imposes stricter regulations on all businesses that collect or process the personal data of EU residents. The full text of the law runs 260 pages long, but some of its key provisions include the following:
New rules for obtaining consent and allowing people to withdraw consent for data collection
Data breach notification within 72 hours of awareness
The right for consumers to have their data erased
The right for consumers to see any data companies have about them
The right for consumers to move their data from one provider to another
The requirement for companies to appoint a Data Protection Officer
The requirement for companies to build privacy into their systems and limit employee access to personal data
Although GDPR is an EU regulation, it applies to organizations all around the world. And those companies that aren't in compliance by May 25, 2018, will face penalties of up to $20 million euros or "4% of the total worldwide annual turnover of the preceding financial year, whichever is higher."
What should companies be doing to get ready for GDPR? Experts recommend several steps that are covered in the following slides.
Cynthia Harvey is a freelance writer and editor based in the Detroit area. She has been covering the technology industry for more than fifteen years. View Full Bio
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