Are you ready for EU General Data Protection Regulation (GDPR)?
The EU General Data Protection Regulation (GDPR) effects all businesses and organisations. Compliance with the GDPR requirements will be mandatory by 25th May 2018 for all organisations that handle personal data from EU citizens. The penalties for noncompliance of these regulations have the potential to be financially significant. Requirements around consent and the right to erasure mean organisations need to re-address how they manage and retain personal data.
There will be two levels of financial fines based on the GDPR. The initial fine is up to €10 million or 2% of the company’s global previous year’s annual turnover, whichever is higher. The second is up to €20 million or 4% of the company’s global previous year’s annual turnover, again whichever is higher.
The key changes
The GDPR brings in substancial changes from the current Data Protection Act, primarily, changes to the way organisations manage personal data. The figure above shows our view of the key changes arising from the EU GDPR.
In addition, we have identified the top three priority areas for any organisation. Each of these areas will change the way organisations ensure protection of personal data:
- the right to erasure and data portability will require organisations to have a complete understanding of the information flow ecosystem
- privacy within systems and organisational culture will need to happen by design, rather than as an after-thought
- liability extension to third-party data processors will enable organisations to have clearly defined accountabilities and agreements.
How can we help you?
Our data strategy specialists detect the effect of the GDPR on your organization and customs, deliver and support digital data transformation programmes to reach compliance and enhance data privacy within your processes.
- GDPR readiness assessment
- We provide a GDPR Solution covering Consent, Legal Rights, Data Analytics and Data Management
- Our data specialists will design and implement a sustainable compliance, privacy and data protection programme
- Our team also partners and implements GDPR Solutions from Informatica, Collibra and Microsoft
- For more on GDPR check out our blog.
We combine proven data strategy and technical business intelligence / big data experience in assessing and delivering information management, data governance, data security and GDPR programmes across most industries.