With the impending enforcement of the EU General Data Protection Regulation (GDPR) coming on 25 May 2018, now is the time to get ahead of the game and prepare your company for anticipated changes. Here are three main focal points to facilitate any necessary transitions to get your company on the fast track to success:
Stay informed of the penalties and be equipped to compensate.
The fines for infringing the GDPA are noteworthy, to say the least. The costs of these violations can be charged in two ways: in EUR or as a percentage of turnover, Some of these transgressions are stern violations and yield comparable sanctions. Since anything is possible, you should be prepared for any conceivable mishaps. Set aside funding for any foreseeable violations that can happen in the future. This way, if things do not go according to plan, your company will not lose out on resources needed elsewhere.
Know whom to contact.
Another significant change includes the number of persons with whom companies need to be in communication. The new GDPR effectively consolidates the data market into one. Since there is only a singular market, there is one sole body of enforcement. Consequently, you no longer need to contact numerous people, but only one. For example, companies are no longer obligated to alert other national data protection authorities regarding which data they are processing. This appears to be a great positive of the GDPR, saving time for both parties.
Create a two year plan to enforce any necessary changes.
Assess and generate a strategy to get your company up to standard for the GDPR. There are crucial alterations to the individual's rights to their data: companies are now required in most cases to acquire explicit consent in order to profile that individual's data. As a result, this will affect various departments in your company, such as data analytics.
Much of this may seem overwhelming at a glance; just step back, take a deep breath, and know your options. Keeping these three fundamental points in mind will help your company on its endeavor to GDPR compliance.