Are You Up To Speed On GDPR And Its Implications?
Are your operations based in the EU, or do you offer your goods and services in the EU? If so, then you need to keep up to speed on the General Data Protection Regulation (GDPR). With a formal implementation of May 25 2018, it’s going to have a huge impact on your business in the coming months. Even if you’re based outside the EU, if you handle the data of any EU resident, you fall under the GDPR compliance mandate.
One of the key points to understand when it comes to the GDPR is the concept of “Privacy By Design”. In other words, the creators and enforcers of the GDPR have designed their regulations with rigid adherence in mind, and little room for interpretive leeway. Among the central tenets of the GDPR is the stipulation that companies only retain user data that is strictly relevant to the business being conducted, and only for as long as it’s absolutely needed. Past that point, if you’re handling the data of EU citizens (even a single one), it will have to be anonymized or destroyed.
The GDPR also hinges on citizens’ “right to erasure”: the right to have their personal data scrubbed from organizations’ data banks for virtually any reason, including non-compliance with GDPR rules (perhaps with a view to retain and sell users’ data to secondary companies). EU citizens can now contact companies to have their personal data erased at will. Users must also give express permission for their personal data to be processed and retained for any length of time.
The GDPR also features strict notification requirements around breaches. If a breach of personal data occurs within an EU company (or a company handling EU citizens’ data), it must be reported within 72 hours to the supervisory authority of whichever EU member state was affected. This is aimed at preventing recurrences of corporate dishonesty around breaches that have occurred in the past.
How Will The GDPR Impact Your Business?
The introduction of the GDPR into the business landscape makes it imperative that you have a clear and concrete understanding of the scope of your customer base, and the data that finds its way into your company. It’s now equally important that you remain mindful of your data protection measures. Failure to comply with GDPR measures will result in fines of 20 million euros or 4 percent of your preceding year’s revenue, whichever amount if greater. (Yeah, they’re serious about this stuff.)
With that much money at stake, we don’t have to tell you that GDPR compliance is beyond vital if you have anything to do with the personal data of even one EU citizen. (Pause and consider just how broad that umbrella is…and just how likely you are to be doing business under it.)
Lionfront Keeps You Running Smoothly
Lionfront specializes in cutting edge cybersecurity and digital protection, and can help keep you in line with the more difficult areas and aspects of GDPR compliance. There are many technical components to total compliance that most organizations lack the time and expertise to effectively deal with.
One of the prominent requirements of the regulation is that companies “implement appropriate technical and organizational measures to ensure a level of security appropriate to the risks,” as dictated in Article 32 of the GDPR. Our actively monitored patch manager implements and updates security measures for your users’ personal data in real time, ensuring constant GDPR compliance.
Article 32 also mandates regular “stress tests” to ensure the effectiveness of your defenses in the event of an actual attack. Beyond implementing the appropriate protective measures for your company, Lionfront also provides active testing of your data protection, to make sure your defenses are digitally bulletproof. Our active monitoring system plays “hacker’s advocate,” regularly attempting to infiltrate your data reserves, to ensure that it can’t be done.
As we mentioned earlier, Articles 33 & 34 of the GDPR mandate that data breaches of any degree must be reported to the supervisory authority of the affected states within 72 hours of the event. Again, let us emphasize…breaches of any degree of severity must be reported. This puts an unbelievable degree of responsibility on you to protect your users’ data. Lionfront’s advanced risk intelligence will notify you of potential vulnerabilities and danger points within your system that could produce an immensely expensive data breach.
Our system even audits specific data within your system to ensure that optimal storage and protection measures have been achieved. Again…when even the smallest data field represents a potential cash-bleeding rupture, you absolutely must invest in top-quality protection.
With an official implementation date of May 25, 2018, the deadline for GDPR regulation is swiftly approaching.
Does your organization handle the data of even one EU citizen? Can you comfortably afford to forfeit 20 million euros, or 4% of last year’s revenue (whichever is greater)? If you answered “yes” to the first question, and “no” to the second, you need to contact Lionfront today for your GDPR compliance needs.
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