New data protection regulations are coming to the European Union and any business with access to the data of EU citizens should waste no time preparing for the changes ahead.
On May 25, 2018, the General Data Protection Regulation (GDPR) will become law. Regarded as one of the biggest legislative developments within the data protection and Privacy space, GDPR will impact many businesses – potentially including those located outside of the EU – that hold personal data on EU residents.
In the past, EU businesses haven’t been required to disclose security breaches. Once the GDPR goes into effect, that will change. New accountability obligations coupled with tighter restrictions on data aim to make the privacy and protection of personal information a priority for every business.
However, there’s plenty of work to be done as May 2018 approaches.
According to a survey from AvePoint, only26 percent of multinational organizations keep records of data processing and transfers. That’s problematic, especially considering the maximum fines defined by GDPR can be as high as the greater of 20 million euros or four percent of a company’s global annual turnover.
With less than a year until GDPR becomes the law of the land, here’s what businesses can do to put themselves on the path toward compliance.
Organizations with access to data from EU citizens can start off by taking stock of where personal data is being stored as well as what it’s being used for. Keeping a close eye on sensitive information might make it easier for businesses to work toward compliance mandates later on. In some cases, these organizations may examine the data and realize they no longer need it, reducing the risk of fines and other penalties tied to noncompliance.
The right tools can go a long way toward ensuring personal data doesn’t fall into the wrong hands.
