The European Union are getting tough on organizations that have a laissez faire stance on customer’s personal data – a blow that will be delivered by the GDPR. Think it only applies to European businesses? Think again!
Let’s look at five important questions you should ask yourself about GDPR:
1 – Who does GDPR cover?
It is a common misconception that the GDPR only applies to EU headquartered organizations. However, if you offer any products or services to the European market, or if you collect data on European customers, the new privacy rules apply to your organization. On May 25th 2018 (one year yesterday!), the EU data protection authorities will start enforcing the new regulation.
2 – Why should you care about GDPR?
The regulators confirmed their intent to implement significant fines for those in breach. Organizations will pay up to 4% of their global revenues or €20M, whichever is the greater. Hence, this comes with substantial financial and reputational risk. Furthermore, organizations have 72 hours to communicate a breach to the regulators to avoid the highest possible penalty.
3 – What should you do about GDPR?
Most organizations have processes in place to meet aspects of data privacy. However, often these are not automated. The benefit of automation? Greater governance and control, giving you peace of mind, managing communication with business stakeholders and regulators.
4 – How is Digital Process Automation Helping Leaders Respond to GDPR?
Managing the Increased Rights of Customers
The GDPR strengthens the rights of individuals to control their own data. Whether that’s the right to be forgotten or moving data from one organization to another. Automation puts you in control of incoming requests and enables end-to-end governance. Giving you and your CEO peace of mind that the risk is understood and being appropriately managed across the organization.
Meeting Your Responsibility to Data Security Protection
Every organization that processes personal data must make sure that it is properly safeguarded against loss, theft and unauthorized access. When a breach of security occurs, this breach must be reported to the regulator within 72 hours. Automation ensures that the process of communicating the breach falls within the critical window, thus avoiding defaulting to higher rate financial penalties.
Enabling Data Privacy by Design and by Default
The EU policy makers want organizations to see the new regulation as more than a check box exercise. Firms will have to demonstrate they have built privacy into existing and new products and services. Automation allows the organization to come together and agree and implement one approach across all departments to ensure the regulation requirements are being met by design and by default.
5 – What Steps Can You Take Towards GDPR Compliance?
It’s not too late to start implementing a solution for the GDPR, but time is running out! Talk to us about how we can help you implement a solution for GDPR ahead of next May. Or why not register to attend our session on GDPR at the Bizagi Virtual Event June 20th-22nd.