GDPR: How It Will Impact Businesses And How They Can Be Ready

With the evolution of technology, risk of data security has also increased and the recent developments in the data frauds, governments and businesses across the globe have become cautious. In the light of all this, Europe is implementing the General Data Protection Regulation (GDPR) across the region. GDPR is a firm stride taken by the European Union to give residents a transparent view of how and where their data is being used.

With less than a week to go for Europe to enforce GDPR policies, many businesses are still not ready to comply with all the policies and are in a state of flux.  As per the survey by EY’s Forensic Data Analytics2018, 60% of the Indian respondents are unaware of GDPR and only 13% have a plan and are working towards GDPR compliance.  It is also known that some Indian companies are implementing GDPR framework after constant insistence by the European clients.

On May 25th the European Union’s General Data Protection Right (GDPR) will go into effect, superseding the UK’s Data Protection Act, 1998. This radical law will bring about changes in data privacy and protection-landscape for any organisation processing data of EU residents.

The predominant objective is to give EU citizens back control of their personal information. Here the consumer is put in the driver’s seat and the responsibility of complying with it falls upon business organisations. Once GDPR takes effect, it will integrate all data protection regulations throughout EU and will place an array of obligations on organisations to be more accountable towards consumer’s data usage.

Though ample of information is available across the web on this new regulation, many business enterprises are still struggling and in lookout for the best way to measure and implement GDPR compliance.

Here is a quick compliance guide to help transform this regulation into an opportunity for you:

  1. Check your database:
  • Classify the data: First, know which data is regulated, ascertain whether it falls under the GDPR category. Then, determine who has access to it, who shares such data and which applications process the same. 
  • Prioritize: Now when you have classified the data, start with private and critical information and access the risks associated with it. Put security measures to such data containing core assets and incorporate back-ups
  1. Update your IT security strategy: Before you update your Information Technology, review its procedures and mandates. Scrutinize how data is asked and processed across various departments like HR, accounts etc. Update procedures across all departments and redesign strategies to ensure minimum personal data is processed and stored further. Smart and automated IT procedures need to be incorporated.
  2. Communicate privacy information:  Make sure that all the key people in your business are aware of the changes in data security. Strengthen and educate your workforce to ensure all polices are developed and upgraded consistently.
  3. Reform data controllers right: A data controller is any person or organization who collects or processes information for your business, also called as third party vendors. If your organization outsources personal data (collecting or processing) then create a checklist of all the rights reserved with such vendors. Update contractual terms and policies to protect information in case of data breach instances.
  4. Seek data consent: Now review the existing policies on how you seek consent from your audience, and redesign the same to meet compliance regulation. Decide on various modes to verify parameters like individual’s age, requirement of parental guidance or consent for any information processing activity.
  5. DPO: Banks and financial institutions processing large data and transactions need to appoint a Data Protection Officer (DPO). This will simplify organizational procedures as DPO will be responsible for compliance and assessment laws of data protection.

These steps will help your business get on the right path of the new regulation compliance and will help to minimize penalties and risks in the future.

Businesses around the globe are implementing privacy control policies and conducting internal audit to check and design security strategies. A variety of business like IT firms are seeking for ISO27001 certification in order to align with new GDPR legislation, and on the other hand financial firms are conducting tests on existing data protection procedures and policies to mitigate risks associated with it. Mckinsey in its survey mentioned that many companies in the US, Asia and the Middle East are opting for sizeable compliance programs to avoid data breach.

InfrasoftTech, a pioneer in FinTech digital solutions is geared up to comply with the new data protection regulation by European Union. If you have any queries, please reach out to us at marketing@infrasofttech.com

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