The General Data Protection Regulation (GDPR) aims to provide consumers with more privacy rights as well as grant them better protection against personal data breaches. It also seeks to make organisations proactive instead of reactive when it comes to security breaches by requiring them to embed privacy into their operational processes.
If your company controls or processes personally identifiable information about EU citizens, complying with the GDPR is a must.
Non-compliance can result in penalties of up to €20,000,000 or 4% of total annual global turnover (whichever is greater) for the most serious infractions. On top of being fined, customers can sue you for compensation for damages due to the infringement of their data. Lastly, failure to comply can negatively impact your brand reputation and brand loyalty. In the long run, these can significantly hurt your revenues.
It is imperative that you begin your preparations for GDPR right away for your company to be compliant in time. Doing this early is also going to be more cost-effective for your business.
How do you kickstart your company’s GDPR compliance efforts? Start off by understanding what this regulation is and what it requires. You and key people in your organisation should have a full grasp of the GDPR’s key provisions and comprehend how these impact your operational processes.
Below are resources you can use to learn more about GDPR and how its implementation affects your organisation.
For more information, continue reading now or ask us a question about GDPR.