GDPR refers to a regulation requiring businesses to safeguard personal data and EU citizens’ privacy for transactions occurring within the EU member states. There is a need for every company to know about GDPR compliance; else non-compliance may cost companies dearly.
May 25th, 2018, General Data Protection Regulation referred to as GDPR is becoming law and failure in complying with this law may cost millions to each company. GDPR will relate to global business and the impact will affect organizations in case you plan global scaling. It means you can compete internationally or have European customers.
Steps to GDPR compliance
- Awareness: There is a need to know about GDPR compliance as it may affect your business. GDPR is not about security issue alone, but it is a way of keeping with global competitors and doing business with EU citizens. There is a need to have awareness and to get on the same page board to manage this continuously.
- Privacy office: Having on board the executive team means there is full commitment and funding. Thus organizing a privacy office becomes essential. Your entire organization should be a complete network; it should be looped and updated accurately on the rules and regulations. There is a need to have a program manager and privacy counsel to roll the GDPR compliance so that everything is managed from the CEO to marketing, sales and support to IT.
- Map protected data: Having everyone on board means you get to look at the PII, the personal identifiable information that is collected, how it is classified and where it is stored. If PII is transferred, who and why is it shared with.
- Implementation: Customizing the processes of your company and getting incident response process is a must so that third party vendor is not at risk.
- Training and awareness: Build specifics to training, keep ongoing technical training and brief on GDPR readiness.