Start preparing for the GDPR today
3 reasons why you should start preparing for the GDPR today
Almost a year a go the European Union adopted a new and sharpened regulation regarding the protection of personal data, the General Data Protection Regulation. The General Data Protection Regulation (GDPR) sharpens the rules and responsibilities regarding both the processing of personal data as well as determining the consequences of inaccurate control and implementation. The financial risks of non-compliance alone are significant. Non-compliance with the GDPR carries fines up to 20,000,000 EUR or 4% of the total worldwide annual turnover (whichever is higher). Keep in mind that these fines don’t even include the reputational damage a breach can bring. Think about the customers you will lose when they hear about the breach in your organisation.
Despite the serious consequences of the GDPR, most organisations didn’t invest that much time in preparing for the GDPR yet. And hey, why should they? The rules don’t apply until the 25th of May in 2018. This probably means that you still have quite some time to prepare, right?
We believe that it is essential to start preparing right now. In this blog we give you three reasons why you already should have started preparing for the GDPR:
- The sooner the better
At the moment 5 out of 6 large organisation have experienced being the target of an attack on their digital information. This number will only increase in the coming years. This makes it not just important to comply with security regulations to prevent yourself from a huge fine from the EU, but also to prevent your company from a targeted attack or data leakage and protect your customers right at this moment. Those attacks are already happening and it could even be the case that your organisation is being breached right as we speak without you knowing.
Also, the sooner you begin to prepare for the GDPR, the more cost-effective it will be for your organisation. The new robust fining capabilities bring a high risk for your organisation. The GDPR makes it a lot easier for individuals to bring private claims against data controllers when their data privacy has been breached, which allows data subjects to sue for compensation.
- It’s not a one-day job
The GDPR is a really complex and high-risk regulation. It takes a lot of work to figure out what changes you need to make to your security regulations and to implement those changes. If you start now you still have some time to figure out what works best for you and what you need to change in your current security infrastructure.
Before you can start planning for GDPR compliance you need to make an inventory of all personal data you hold. Why you hold it, whether you still need it and if it is safe. You should take some time to put procedures in place to detect, report and investigate a data breach. Organisations should start carrying out an overview of all-current or envisaged processing in line with the GDPR. When you have your entire information structure in place you can start planning your approach to GDPR compliance. This should be as early as you can, also to ensure that the approach is consistent amongst key people in your organisation.
- Boost consumer confidence
The GDPR impacts every global organisation that may have data on EU citizens and residents, so the chances are high that this new regulation will also apply for your company. The new European regulation oblige every business to make changes to its internal processes to guarantee data security and integrity, as well as to avoid heavy fines. When complying with the GDPR these sharpened rules should help boost consumer confidence and in turn confidence in your business. Customers need to trust that their personal information is in good hands in your company.
How Quiver can help
From this point you have a little over a year to prepare yourself for the new regulation. We hope we motived you to start preparing now and don’t make it a last-minute thing. At Quiver we can help your organisation with compliance for the GDPR.
To help you with the preparation for the GDPR we created a compact overview of what the GDPR means and how Quiver can help. With our real time audit trail and analytics capabilities we ensure you have a total overview of what happens with your data and you can control every step. We are on a mission to make your job a little easier.
Visit bussines.quiver.net and find out how the broad range of functionalities we offer can help you comply with the GDPR.