Let’s review the GDPR before digging into the current news. The GDPR will go into effect on May 25, 2018, when you’ll need to comply with the rules and have a secure method of storing and collecting an EU citizen’s private information. The regulation applies to all businesses that hold and process data collected in the European Union, regardless of your location, meaning you don’t need to be in the EU to be concerned about this law. Not being prepared can put you at risk of an audit and fines, or potentially 4 percent of your global revenue.
Now that you’re up-to-date, here’s roundup of the latest on the GDPR:
Brexit won’t thwart GDPR prep, IAPP. U.K. organizations plan to comply with GDPR even though Brexit means the U.K. is planning to leave the EU. In fact, per a recent International Association of Privacy Professionals survey, 94 percent of privacy professionals at more than 200 U.K. organizations plan to make preparations no matter what happens with Brexit. This study had the direct opposite findings of Dell’s 2016 global study, in which 80 percent of respondents weren’t aware of the GDPR and 97 percent didn’t plan on complying with the rules. For those who are preparing, per the Association’s study, 58 percent of U.K. organizations are finding privacy rules training for staff and employees.
Worldwide climate of fear over GDPR data compliance, claims Veritas study. The European IT space is experiencing immense flux because of Brexit, the French and British elections, and Italian government issues, and the biggest issue is the GDPR. Veritas Technologies, an information management company, released a recent analysis of companies across the U.S., the U.K., France, Germany, Australia, Singapore, Japan, and the Republic of Korea this year. One of the concerns highlighted in these findings was 86 percent of organizations around the world are worried about how not adhering to the GDPR will hurt their businesses, especially since potential noncompliance fines can be as high as $21 million. These companies realize the crucial need to step back and fully evaluate their IT data.
GDPR: It’s more than a regulation, it’s an opportunity. As a company, providing safe, private and secure interactions with customers can be hard, and businesses are learning this while preparing for the GDPR implementation. But instead of seeing the GDPR as a looming regulation, it can be viewed as a golden opportunity to make the process of honing your Internet of Things data privacy before you’ll have to do it under the GDPR with real users. There are a few steps outlined here in order to do that: “1) Identify where digital transformation opportunities and user trust risks intersect; 2) Conceive of personal data as a joint asset; 3) Lean in to consent, and; 4) Take advantage of identity and access management for building trust.”
Hopefully, these latest articles will help you continue to prepare for the GDPR. Stay tuned to the Hanzo blog for the latest recaps and updates as they roll in; after all, there will always be more GDPR news before the actual implementation, and you’ll want to be ready every step of the way. If you’d like to learn more about Hanzo, we’d love to hear from you.