How Does GDPR Impact Your Business
With the advancing span of digitization and internet, the means of communicating and handling everyday tasks have changed drastically. We never think twice about how much personal data we share over the internet through online transactions, social media posts etc. All this data is stored digitally to serve you better and offer relevant information to enhance your customer experience. But this data might also be used otherwise. This leads to great security concern which is now to be addressed by the EU, through a privacy regulation called GDPR. GDPR is targeted to enforce and change the way companies collect, store and use customer data from May 2018.
The GDPR Commencement
From 25th May 2018, the General Data Protection Regulation (GDPR) would come into effect.
This regulation requires to be implemented across EU and EEA region. All the organizations selling and storing personal information of the citizens in Europe are expected to have compliance with the GDPR regulations. This move is directed in to ensure protection to the personal data and information of the Europeans.
As per its directives, in a B2B setting, individuals interact and share information while customers of B2B market, being companies, are also referred as individuals.
Know Your Rights with GDPR
GDPR entrusts the following rights:
· The right to request access to personal data
· The right to have your data deleted
· The right to transfer your data
· The right to be informed before data is gathered
· The right to get the information rectified
· The right to object and stop data processing
· The right to be notified in case of data breach
The GDPR gives individuals, customers, contractors and employees the power over their data and limits the organizations that collect and use such data for monetary gain.
The GDPR Implications
GDPR is applicable to all the organizations established in the EU and includes non-EU established organizations also that offer goods and services to EU citizens. Non-compliance of GDPR would levy tough penalties on the organizations that extend up to 4% of annual global revenue or 20 million Euros, whichever is greater. As per the directives, all the organizations dealing with the personal data must appoint Data Protection Officer (DPO) or data controller who are entrusted with the responsibility to comply to the stated norms under GDPR.
Notable features of GDPR are:
· Data discovery is a must for the startup organizations where they need to identify all the data that falls under the umbrella of GDPR. This is the key to handle the implications of GDPR over your business.
· Article 30 of GDPR specifies that the organizations with employee base of 250 or more fall under the compliance category, but the catch is that a smaller organization is also subject to GDPR compliance if they regularly use personal and private data of people. In this case, appointing a DPO is a must.
· Consent clause plays an important role. According to this, a customer is free to give his consent to use his personal data and revoke it whenever he wants. In this case, the old data available with the companies does not have carry any value unless the consent from the individuals is obtained.
· Data breach policy also reflects the implication of GDPR. According to this, any breach of individual’s private information must be reported to the national data protection authority, preferably within 24 hours and necessarily within 72 hours of first knowledge.
Owing to the approaching deadline of GDPR compliance, the demand for Data Protection Officers (DPO) has increased by heaps and bounds across the globe. You can aim to qualify for this role with GDPR — Certified Information Privacy Professional and Manager (CIPP/E, CIPM) Prep training course that encompasses key elements of the IAPP’s European Data Protection and Privacy Program Management training.
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